MDC Partners Inc. (MDCA) Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

MDC Partners (NASDAQ: MDCA) announced the grant of equity inducement awards to three new employees, effective April 14, 2021. Deirdre McGlashan received 100,000 shares, Michaela Pewarski 50,000 shares, and Peter McElligott 25,000 shares. The shares will vest based on continued employment, with accelerated vesting provisions for termination without cause, death, or disability. This decision aligns with NASDAQ Listing Rule 5635(c)(4) aimed at attracting talent.

Positive

• Attracting new talent through equity inducement awards.
• Structured vesting schedule encourages employee retention.

Negative

• None.

NEW YORK, April 14, 2021 /PRNewswire/ -- (NASDAQ: MDCA) – MDC Partners (the "Company") announced today that it has granted equity inducement awards of Class A subordinate voting shares to three new employees, in connection with their joining the Company. Effective April 14, 2021, the Company granted restricted shares to the new employees as follows: Deirdre McGlashan – 100,000 shares; Michaela Pewarski – 50,000 shares; and Peter McElligott – 25,000 shares. The restricted shares granted to Ms. McGlashan and Mr. McElligott will vest on the third anniversary of the grant date, and the restricted shares granted to Ms. Pewarski will vest in two equal installments on the second and third anniversaries of the grant date, subject in each case to the employee's continued employment with the Company through the vesting date. The restricted shares are subject to accelerated vesting upon (i) termination of employment by the Company without Cause or (ii) death or disability. The Company granted these awards as a material inducement to employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About MDC Partners Inc.

MDC Partners is one of the most influential marketing and communications networks in the world. As "The Place Where Great Talent Lives," MDC Partners is celebrated for its innovative advertising, public relations, branding, digital, social and event marketing agency partners, which are responsible for some of the most memorable and effective campaigns for the world's most respected brands. By leveraging technology, data analytics, insights and strategic consulting solutions, MDC Partners drives creative excellence, business growth and measurable return on marketing investment for over 1,700 clients worldwide. For more information about MDC Partners and its partner firms, visit our website at www.mdc-partners.com and follow us on LinkedIn.

 

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SOURCE MDC Partners Inc.

FAQ

What are the equity inducement awards granted by MDC Partners?

MDC Partners granted equity inducement awards to new employees, including 100,000 shares to Deirdre McGlashan, 50,000 to Michaela Pewarski, and 25,000 to Peter McElligott, effective April 14, 2021.

How do the vesting schedules for the awarded shares work?

Deirdre McGlashan and Peter McElligott's shares vest on the third anniversary of the grant date, while Michaela Pewarski's shares vest in two installments on the second and third anniversaries.

Why did MDC Partners grant these inducement awards?

The awards were granted as a material inducement to employment in compliance with NASDAQ Listing Rule 5635(c)(4).

What happens to the restricted shares if an employee leaves MDC Partners?

The restricted shares have accelerated vesting if the employee is terminated without cause, or in the event of death or disability.

When were the shares granted to the new employees of MDC Partners?

The shares were granted effective April 14, 2021.