MDC Partners Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

MDC Partners (NASDAQ: MDCA) announced the grant of 150,000 restricted shares to Julia Hammond as an equity inducement for her employment, effective July 6, 2020. These shares will vest on June 15, 2023, subject to her continued employment. The grant aligns with NASDAQ Listing Rule 5635(c)(4) and allows for accelerated vesting under certain conditions, such as termination without cause or in the event of death or disability. MDC Partners is recognized for its influential marketing and communications network, catering to over 1,700 clients globally.

Positive

• Granting 150,000 restricted shares to attract talent, potentially enhancing company capabilities.

Negative

• The vesting of shares is contingent upon continued employment, which could lead to talent retention challenges.

NEW YORK, July 6, 2020 /PRNewswire/ -- (NASDAQ: MDCA) – MDC Partners (the "Company") announced today that it has granted an equity inducement award to Julia Hammond, in connection with her joining the Company. Effective July 6, 2020, the Company granted to Ms. Hammond 150,000 restricted shares of the Class A subordinate voting shares of the Company. The restricted shares will vest on June 15, 2023, subject to Ms. Hammond'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 this award as a material inducement to Ms. Hammond's 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 Twitter at www.twitter.com/mdcpartners.

 

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/mdc-partners-reports-inducement-grant-under-nasdaq-listing-rule-5635c4-301088684.html

SOURCE MDC Partners Inc.

FAQ

What is the purpose of the equity inducement award granted by MDC Partners?

The award aims to incentivize Julia Hammond's employment with MDC Partners.

How many restricted shares were granted to Julia Hammond?

Julia Hammond was granted 150,000 restricted shares.

When do the restricted shares for Julia Hammond vest?

The restricted shares will vest on June 15, 2023.

What are the conditions for accelerated vesting of the shares?

Accelerated vesting occurs upon termination without cause or in cases of death or disability.

Which NASDAQ rule is associated with the inducement grant?

The inducement grant is in accordance with NASDAQ Listing Rule 5635(c)(4).