Auddia Inc. (“Auddia” or the “Company”), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, announced that the compensation committee of Auddia’s board of directors granted Brian Hoff, the Company’s recently-hired Chief Financial Officer, an inducement stock option to purchase an aggregate of 185,000 shares of Auddia’s common stock on August 11, 2021. This stock option was agreed to as an inducement material to Mr. Hoff entering into employment with Auddia. The option was agreed to and granted in accordance with Nasdaq Listing Rule 5635(c)(4).

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The option has an exercise price of $2.79 per share, which was equal to the closing price of Auddia’s common stock on the grant date. One-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remainder vest in equal annual installments over the next three years, subject to the new employee’s continued service with the Company. The stock option has a 10-year term and is subject to the terms and conditions of an inducement stock option agreement covering the grant.

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