Grove Collaborative approves stock option exchange for underwater options, granting new RSUs

Grove Collaborative Holdings, Inc.

Holders of options with exercise price ≥$1.92 may exchange for new RSUs at ratios of 1.20:1 to 1.95:1 depending on price range.
New RSUs from vested options vest 50% on grant date, then 25% each on Feb 15 and May 15, 2023.
New RSUs from unvested options vest quarterly until the original option would have fully vested.
Named executive officers and directors are eligible on same terms as employees.
Exchange offer expected to launch September 26, 2022 and expire 20 business days later.

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