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

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced a grant of non-statutory options to 32 new employees to purchase a total of 236,000 ordinary shares, as part of its 2021 Inducement Plan. This decision, approved by the Compensation Committee of the Board of Directors, aims to incentivize employee acceptance of employment. The options have a 10-year term, vesting over four years with 25% vesting on the one-year anniversary and 25% annually thereafter. This move aligns with Nasdaq Listing Rule 5635(c)(4) and demonstrates Avadel's commitment to attract talent through equity compensation. Avadel focuses on innovative drug development, notably its investigational drug LUMRYZ™, designed for narcolepsy treatment.

Positive

• Granting options to 32 new employees reflects strategic talent acquisition efforts.
• The stock options align employee incentives with long-term company performance.

Negative

• None.

DUBLIN, Ireland, April 20, 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 thirty two (32) new employees to purchase an aggregate of 236,000 ordinary shares under Avadel’s 2021 Inducement Plan. The awards were 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 grant date 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 recent employee incentive program did Avadel Pharmaceuticals announce?

Avadel Pharmaceuticals announced the grant of non-statutory options to 32 new employees to purchase 236,000 ordinary shares.

How long is the term for the stock options granted by Avadel Pharmaceuticals?

The stock options have a term of 10 years.

What is the vesting schedule for the stock options at Avadel?

The options vest over four years, with 25% vesting on the one-year anniversary of the grant date and 25% on each anniversary thereafter.

Which Nasdaq Listing Rule was referenced in Avadel's recent announcement?

The announcement referenced Nasdaq Listing Rule 5635(c)(4), which pertains to inducement grants.

What is the focus of Avadel Pharmaceuticals' drug development?

Avadel Pharmaceuticals focuses on transforming medicines, with its lead drug candidate, LUMRYZ™, aimed at treating narcolepsy.