GoHealth Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

GoHealth, Inc. (NASDAQ: GOCO), a health insurance marketplace, announced management appointments effective March 17, 2023. The company granted equity-based awards under its 2021 Inducement Award Plan to new executives: Chief Marketing Officer Steve Moffat received 75,000 restricted stock units (RSUs), Chief People Officer Alison Moriarty received 50,000 RSUs, and Vice President of Investor Relations John Shave received 25,000 RSUs. These RSUs will vest over three years, contingent on continued service with the company. The moves aim to drive growth and enhance leadership within GoHealth's Medicare-focused operations.

Positive

• Appointment of experienced executives to key positions to strengthen leadership.
• Equity-based incentives align executive interests with shareholder value.
• Inducement grants may enhance employee retention and performance.

Negative

• No immediate financial metrics provided to assess impact.
• -

CHICAGO, March 17, 2023 /PRNewswire/ -- GoHealth, Inc. (GoHealth) (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today reported that the Company granted equity-based awards pursuant to the Company's 2021 Inducement Award Plan to Steve Moffat, the Company's new Chief Marketing Officer; Alison Moriarty, the Company's new Chief People Officer; and John Shave, the Company's new Vice President of Investor Relations.  These awards were effective on March 17, 2023 (the "Vesting Start Date").  The inducement grants were approved by a majority of the Company's Independent Directors and were made as a material inducement to each employee's acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of their employment compensation.

The inducement grants consisted of 75,000 restricted stock units for shares of the Company's common stock ("RSUs") issued to Mr. Moffat, 50,000 RSUs issued to Ms. Moriarty, and 25,000 RSUs issued to Mr. Shave.  The RSUs vest over three years, with 1/3rd of each award vesting on first, second and third anniversaries of the Vesting Start Date.  The vesting of each grant is subject to the employee's continued service with the Company through the applicable vesting date. The inducement grant is subject to the terms and conditions of award agreements covering the grant and the Company's 2021 Inducement Stock Incentive Plan.

Contacts

For Investors
John Shave
IR@gohealth.com

For Media
Melissa Johnson
Pressinquiries@gohealth.com 

About GoHealth, Inc.

GoHealth is a leading health insurance marketplace and Medicare-focused digital health company. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to build trusted relationships with consumers and match them with the healthcare policy and carrier that is right for them. Since its inception, GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com/

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SOURCE GoHealth, Inc.

FAQ

What equity awards were granted by GoHealth on March 17, 2023?

GoHealth granted 75,000 RSUs to Steve Moffat, 50,000 RSUs to Alison Moriarty, and 25,000 RSUs to John Shave.

How will the restricted stock units (RSUs) vest for GoHealth executives?

The RSUs will vest over three years, with 1/3 vesting on the first, second, and third anniversaries of the Vesting Start Date.

What is the purpose of GoHealth's equity grants under the 2021 Inducement Award Plan?

The grants serve as a material inducement for the new executives' acceptance of employment, aligning their interests with those of shareholders.

Why is the inducement grant significant for GoHealth?

It may enhance executive retention and performance, supporting the company's growth in the health insurance sector.