BOSTON, May 13, 2024 (GLOBE NEWSWIRE) -- Zapata Computing Holdings Inc. ("Zapata AI" or the "Company") (Nasdaq: ZPTA), the Industrial Generative AI company, today announced that the Compensation Committee of Zapata AI's Board of Directors has approved an inducement grant of a nonstatutory stock option to Sumit Kapur to purchase 600,000 shares of Zapata AI's common stock with an exercise price of $ 1.23 per share, the closing price of Zapata AI' common stock on May 13, 2024. As previously announced, Mr. Kapur, will serve as Zapata AI's Chief Financial Officer, effective May 20, 2024, and as Zapata AI's Vice President, Finance during a short transition period, effective today. The option will vest as to 25% of the underlying shares on the first anniversary of the date of grant and the remaining 75% of the underlying shares will vest in 36 substantially equal monthly increments thereafter, subject to Mr. Kapur's continued employment on each vesting date. The option is subject to the terms and conditions of Zapata AI's 2024 Equity and Incentive Plan and the respective terms and conditions of the nonstatutory stock option agreement covering the award, but was granted outside of the 2024 Equity and Incentive Plan.
The grant was made as an inducement that was a material component of Mr. Kapur's compensation and subsequent acceptance of employment with Zapata AI and was granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4) approved by Zapata AI 's Compensation Committee.
About Zapata AI
Zapata AI is an Industrial Generative AI company, revolutionizing how enterprises solve complex operational challenges with its powerful suite of generative AI software applications and cutting-edge reference architecture. By combining numerical and text-based generative AI models and custom software applications to power industrial-scale solutions, Zapata AI enables enterprises and government entities to drive growth, cost savings through operational efficiencies, and critical operational insights. With its proprietary data science and engineering techniques, and the Orquestra® platform, Zapata AI is accelerating Generative AI's impact across industries by delivering solutions which are higher performing, less costly, and more accurate and expressive than current, classical approaches to AI. The Company was founded in 2017 and is headquartered in Boston, Massachusetts.
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Investors: investors@zapata.ai
