Avadel Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced the grant of non-statutory options for 30,000 shares to a new employee as part of its 2021 Inducement Plan. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter, contingent on the employee's continued service. This grant complies with Nasdaq Listing Rule 5635(c)(4). Avadel is focused on innovative medication development, including its lead candidate LUMRYZ™, an investigational treatment for narcolepsy. For further information, visit www.avadel.com.

Positive

• Grant of 30,000 share options as part of employee inducement, supporting talent acquisition.
• Vesting schedule promotes employee retention over four years.

Negative

• None.

DUBLIN, Ireland, Dec. 01, 2022 (GLOBE NEWSWIRE) --  Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on transforming medicines to transform lives, today announced that the Compensation Committee of Avadel’s Board of Directors approved the grant of non-statutory options to one (1) new employee to purchase an aggregate of 30,000 ordinary shares under Avadel’s 2021 Inducement Plan. The award was granted as an inducement material to the employee’s acceptance of employment with Avadel in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term and vest over four years, with 25% vesting on the one-year anniversary of the employee’s first day of employment with Avadel and the remainder vesting in equal monthly installments for three years thereafter, subject to the employee’s continued service with Avadel on each such vesting date. The options are subject to the terms and conditions of Avadel’s 2021 Inducement Plan approved by the Board of Directors in November 2021 and the terms and conditions of award agreements covering the grants.

About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Our current lead drug candidate, LUMRYZ™, is an investigational formulation of sodium oxybate leveraging our proprietary drug delivery technology and designed to be taken once at bedtime for the treatment of cataplexy or excessive daytime sleepiness in adults with narcolepsy. For more information, please visit www.avadel.com.

Investor Contact:
Courtney Turiano
Stern Investor Relations, Inc.
Courtney.Turiano@sternir.com
(212) 698-8687

Media Contact:
Gabriella Greig
Real Chemistry
ggreig@realchemistry.com
(203) 249-2688

FAQ

What options were granted by Avadel Pharmaceuticals on December 1, 2022?

Avadel Pharmaceuticals granted non-statutory options for 30,000 shares to a new employee under its 2021 Inducement Plan.

What is the vesting schedule for the stock options granted by Avadel?

The options vest over four years, with 25% vesting on the one-year anniversary, and the remainder vesting in equal monthly installments for three years.

What is the significance of the stock options grant for Avadel Pharmaceuticals?

The stock options grant is an inducement for a new employee's acceptance of employment and aligns with Nasdaq rules.