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

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced the granting of non-statutory options to two new employees, totaling 130,000 ordinary shares, as part of its 2021 Inducement Plan. These options have a ten-year term and vest over four years, with 25% vesting after one year and the remainder in monthly installments. This move is in compliance with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize employee retention and commitment. Avadel focuses on innovative medication solutions, notably its lead candidate LUMRYZ™, for treating narcolepsy.

Positive

• Granting of 130,000 stock options can attract and retain talent.
• Options vesting schedule incentivizes long-term employee commitment.

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• None.

DUBLIN, Ireland, Nov. 07, 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 2 new employees to purchase an aggregate of 130,000 ordinary shares under Avadel’s 2021 Inducement Plan. The awards were granted as an inducement material to the employees’ 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 is Avadel Pharmaceuticals' stock symbol?

Avadel Pharmaceuticals' stock symbol is AVDL.

How many shares were granted to the new employees of Avadel?

Avadel granted a total of 130,000 ordinary shares to two new employees.

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

The stock options vest over four years, with 25% vesting after one year.

What is the purpose of the stock options granted by Avadel?

The stock options are granted to incentivize new employees and ensure their commitment.