CHANDLER, Ariz., Dec. 9, 2021 /PRNewswire/ -- Zovio Inc
(Nasdaq: ZVO), an education technology services company that
partners with higher education institutions and employers, today
announced, as required by Nasdaq Stock Market rules, the grant of
inducement awards to its new CEO, Mr. Randy
Hendricks on December 6,
2021.
As an inducement for him entering into employment in accordance
with Nasdaq Listing Rule 5635(c)(4), the Board of Directors of
Zovio approved the grant of 574,138 Restricted Stock Units
("RSUs"), vesting in equal annual installments over a three year
period, with the first such vesting installment taking place on
December 6, 2022, and 1,150,000 Performance Stock Units ("PSUs")
with a single vesting date in 2025 depending on performance. In
addition, Mr. Hendricks will receive the potential to earn up to an
additional 1,150,000 PSUs for performance above the targeted
performance metrics, all with a single vesting date in 2025.
All vesting of Mr. Hendricks' awards are subject to his continued
employment with Zovio through such vesting dates.
About Zovio
Zovio (Nasdaq: ZVO) is an
education technology services company that partners with higher
education institutions and employers to deliver innovative,
personalized solutions to help learners and leaders achieve their
aspirations. The Zovio network, including Fullstack Academy and
TutorMe, leverages its core strengths to solve priority market
needs through education technology services. Using proprietary
advanced data analytics, Zovio identifies the most meaningful ways
to enhance the learner experience and deliver strong outcomes for
higher education institutions, employers, and learners. Zovio's
purpose is to help everyone be in a class of their own. For more
information, visit www.zovio.com.
Contact: Vickie Schray
media@zovio.com
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SOURCE Zovio
