MedAvail Reports Inducement Grants as Permitted by the Nasdaq Listing Rules

Rhea-AI Summary

On November 22, 2022, MedAvail Holdings, Inc. (Nasdaq: MDVL) announced the grant of inducement awards to five new employees, totaling 445,060 shares of common stock. This includes options to purchase and restricted stock units (RSUs) with an exercise price of $0.59 per share, equal to the closing price on the grant date. The options will vest over four years, while the RSUs will vest over three years. These awards are part of MedAvail's 2022 Inducement Equity Incentive Plan and were offered to attract new talent in compliance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement awards of 445,060 shares to new employees could enhance talent acquisition.
• The exercise price of $0.59 aligns with the market price, indicating fair compensation.

Negative

• None.

PHOENIX, Nov. 28, 2022 (GLOBE NEWSWIRE) -- MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), a technology-enabled retail pharmacy company, today announced that on November 22, 2022, the compensation committee of MedAvail’s board of directors approved the grant of inducement awards to five newly-hired employees.  The inducement awards cover an aggregate of 445,060 shares of MedAvail’s common stock, of which 50% are options to purchase and 50% are restricted stock units (RSUs).

Each inducement stock option was granted on November 22, 2022 and has an exercise price of $0.59 per share, which is equal to the closing price of a share of MedAvail common stock on the grant date, and shall vest over four years as follows: either (i) 25% of the shares subject to such inducement stock option shall vest on the one year anniversary of the date that employment commenced, or (ii) one forty-eighth (1/48th) of the shares subject to such inducement stock option shall vest on the one month anniversary of the date that employment commenced, and in both the cases of (i) and (ii), an additional one forty-eighth (1/48th) of the shares subject to such inducement stock option shall vest monthly thereafter.

Each inducement RSU award was granted on November 22, 2022 and shall vest as follows: one-third (1/3rd) of the shares subject to each inducement RSU award shall vest on the first, second and third yearly anniversaries of the first day of the third month of the quarter following the employee’s hire date.

Each inducement award is subject to the terms of the MedAvail Holdings, Inc. 2022 Inducement Equity Incentive Plan and related forms of agreements and were granted as inducements material to these employees to enter into employment with MedAvail in accordance with Nasdaq Listing Rule 5635(c)(4).

About MedAvail

MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled pharmacy company, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.

Contacts:

Investor Relations
Ji-Yon Yi
Gilmartin Group
ir@medavail.com
SOURCE MedAvail Holdings, Inc.

FAQ

What did MedAvail announce on November 22, 2022?

MedAvail announced the grant of inducement awards totaling 445,060 shares of common stock to five newly-hired employees.

What is the exercise price for the inducement awards granted by MedAvail?

The exercise price for the inducement awards is set at $0.59 per share.

How will the inducement stock options granted by MedAvail vest?

The inducement stock options will vest over four years, either 25% after one year or monthly after the first month of employment.

What are RSUs awarded by MedAvail and how do they vest?

The RSUs will vest one-third on the first, second, and third yearly anniversaries of the employee's hire date.

What regulatory compliance does the inducement award from MedAvail meet?

The inducement awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).