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 to six new employees, allowing them to purchase 105,000 ordinary shares under the 2021 Inducement Plan. This decision was made by the Compensation Committee and is in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term and will vest over four years, with 25% vesting on the one-year anniversary of employment. This initiative is aimed at attracting talent while adhering to regulatory requirements.

Positive

• Granting of stock options may enhance employee retention and motivation.
• The ten-year option term and structured vesting can align employee interests with company performance.

Negative

• None.

DUBLIN, Ireland, Jan. 10, 2023 (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 six (6) new employees to purchase an aggregate of 105,000 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 25% on each anniversary thereafter. 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 was announced by Avadel Pharmaceuticals on January 10, 2023?

Avadel Pharmaceuticals announced the granting of non-statutory options to six new employees for purchasing 105,000 ordinary shares.

How many shares are included in the stock option grant by AVDL?

The stock option grant includes a total of 105,000 ordinary shares.

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

The stock options vest over four years, with 25% vesting on the one-year anniversary of employment and 25% on each subsequent anniversary.

Under which plan were the stock options granted by AVDL?

The stock options were granted under Avadel's 2021 Inducement Plan.