MedAvail Reports Inducement Grants as Permitted by the Nasdaq Listing Rules
April 08 2022 - 6:00PM
Business Wire
(Nasdaq: MDVL)— MedAvail Holdings, Inc. (“MedAvail”), a
technology-enabled retail pharmacy company, today announced that on
April 8, 2022, the compensation committee of MedAvail’s board of
directors approved the grant of inducement awards to the following
newly-hired employees: Steven Hess, Executive Vice President /
General Manager, SpotRx; Matthew Broome, Executive Vice President /
General Manager, Technology; Robert McClune, Senior Vice President,
Data & Analytics; and Craig Holtgrave, Senior Vice President,
Sales & Marketing. The inducement awards consisted of
inducement stock options to purchase shares of MedAvail’s common
stock and inducement restricted stock units (RSUs) settleable in
shares of MedAvail’s common stock. The inducement awards cover an
aggregate of 853,000 shares of MedAvail’s common stock, of which:
(i) Mr. Hess received an option to purchase 131,000 shares of
common stock and RSUs covering 131,000 shares of common stock; (ii)
Mr. Broome received an option to purchase 131,000 shares of common
stock and RSUs covering 131,000 shares of common stock; (iii) Mr.
McClune received an option to purchase 82,250 shares of common
stock and RSUs covering 82,250 shares of common stock; and (iv) Mr.
Holtgrave received an option to purchase 82,250 shares of common
stock and RSUs covering 82,250 shares of common stock.
Each inducement stock option was granted on April 8, 2022 and
has an exercise price of $1.96 per share, which is equal to the
closing price of a share of MedAvail common stock on the grant
date, and shall vest as follows: 25% of the shares subject to such
inducement stock option shall vest on the one year anniversary of
the date that employment commenced, and an additional one
forty-eighth (1/48th) of the shares subject to such inducement
stock option shall vest monthly thereafter.
Each inducement RSU award was granted on April 8, 2022 and shall
vest as follows: one-third (1/3rd) of the shares subject to each
inducement RSU award shall vest on the first, second and third
yearly anniversaries of March 1, 2022.
Each inducement award is subject to the terms of the MedAvail
Holdings, Inc. 2022 Inducement Equity Incentive Plan and related
forms of agreements, and were granted as inducements material to
these employees to enter into employment with MedAvail in
accordance with Nasdaq Listing Rule 5635(c)(4).
About MedAvail
MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled
pharmacy organization, providing turnkey in-clinic pharmacy
services through its proprietary robotic dispensing platform, the
MedAvail MedCenter, and home delivery operations, to Medicare
clinics. MedAvail helps patients to optimize drug adherence,
resulting in better health outcomes. Learn more at
www.medavail.com.
SOURCE MedAvail Holdings, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220408005598/en/
Investor Relations Caroline Paul Gilmartin Group
ir@medavail.com
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