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

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) approved the grant of non-statutory options to three new employees to purchase 26,000 ordinary shares under Avadel’s 2021 Inducement Plan. 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.

DUBLIN, Ireland, Aug. 03, 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 three (3) new employees to purchase an aggregate of 26,000 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. Avadel’s commercial product, LUMRYZ, was approved by the U.S. Food & Drug Administration (FDA) as the first and only once-at-bedtime oxybate for the treatment of cataplexy or excessive daytime sleepiness (EDS) 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:
Lesley Stanley
Real Chemistry
lestanley@realchemistry.com
(609) 273-3162

FAQ

What did Avadel Pharmaceuticals plc (AVDL) announce?

Avadel Pharmaceuticals plc (AVDL) announced the approval of non-statutory options for three new employees to purchase 26,000 ordinary shares under the 2021 Inducement Plan.

How many shares were approved for purchase by the new employees?

The new employees were approved to purchase an aggregate of 26,000 ordinary shares under Avadel’s 2021 Inducement Plan.

What is the term of the options granted to the new employees?

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.

Under which rule were the awards granted to the new employees?

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).