Chembio Diagnostics Reports Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
January 06 2022 - 4:05PM
Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading
point-of-care diagnostic company focused on infectious diseases,
today reported that, in accordance with Nasdaq Listing Rule
5635(c)(4), it has granted a nonqualified stock option and a
restricted stock unit award to Lawrence J. Steenvoorden,
Chembio’s new Chief Financial Officer and Executive Vice President,
outside of any stock equity plan. The awards were granted upon
Mr. Steenvoorden’s joining Chembio on January 5, 2022, in
accordance with terms of his employment agreement with Chembio,
which was entered into on December 30, 2021 and became effective as
of January 5, 2022.
Chembio granted to Mr. Steenvoorden on January 5, 2022 a
nonqualified stock option (the “NSO”) to acquire 300,000 shares of
common stock at a price of $1.12 per share, expiring on January 5,
2029, and a restricted stock unit award (the “RSU”) to acquire,
without payment of any purchase price, up to 160,714 shares of
common stock. Subject to Mr. Steenvoorden’s continued service
with Chembio, the shares subject to the NSO will vest in four equal
annual installments and the shares subject to the RSU will vest in
three equal annual installments, except that, in each case, vesting
will accelerate in full upon (a) Chembio’s termination of
Mr. Steenvoorden’s employment without Cause,
Mr. Steenvoorden’s termination of his employment for Good
Reason or the expiration of the Term upon notice of nonrenewal
delivered by Chembio, in each case within twelve months following a
Change in Control, or (b) Mr. Steenvoorden’s death or
Permanent Disability (each such capitalized term as defined in the
employment agreement between Chembio and
Mr. Steenvoorden).
The awards were approved by the Compensation Committee as an
inducement material to Mr. Steenvoorden’s entering into
employment with Chembio as contemplated by Nasdaq Listing
Rule 5635(c)(4). Chembio is issuing this press release
pursuant to Rule 5635(c)(4), which requires public announcement of
inducement awards.
About Chembio DiagnosticsChembio is a leading
diagnostics company focused on developing and commercializing
point-of-care tests used for the rapid detection and diagnosis of
infectious diseases, including sexually transmitted disease, insect
vector and tropical disease, COVID-19 and other viral and bacterial
infections, enabling expedited treatment. Coupled with Chembio’s
extensive scientific expertise, its novel DPP technology offers
broad market applications beyond infectious disease. Chembio’s
products are sold globally, directly and through distributors, to
hospitals and clinics, physician offices, clinical laboratories,
public health organizations, government agencies, and consumers.
Learn more at www.chembio.com.
DPP is Chembio’s registered trademark, and the Chembio logo is
Chembio’s trademark. For convenience, these trademarks appear in
this release without ® or ™ symbols, but that practice does not
mean that Chembio will not assert, to the fullest extent under
applicable law, its rights to the trademarks. All other
trademarks appearing in this release are the property of their
respective owners.
Contact:Philip TaylorGilmartin Group(415)
937-5406investor@chembio.com
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