Mastech Digital Announces New Employee Inducement Grant Under NYSE American Listed Company Guide Rule Sec. 711
Mastech Digital (NYSE AMERICAN: MHH) has granted 702,358 non-qualified stock options to its new President and CEO, Nirav Patel, effective January 6, 2025. The options will vest over multiple conditions, including time-based and performance-based criteria.
The vesting schedule includes annual portions of 87,795 shares over four years, plus additional performance-based vesting tied to market capitalization targets: 175,589 shares when reaching $300M, 87,795 shares at $450M, and 87,795 shares at $600M market cap.
The grant serves as a material inducement to Patel joining the company as CEO and was made in accordance with NYSE American Listed Company Guide Rule Sec. 711. The options include provisions for acceleration and forfeiture in case of employment termination or company change of control.
Mastech Digital (NYSE AMERICAN: MHH) ha concesso 702.358 opzioni su azioni non qualificate al suo nuovo Presidente e CEO, Nirav Patel, con effetto dal 6 gennaio 2025. Le opzioni matureranno in base a più condizioni, inclusi criteri basati sul tempo e sulle performance.
Il programma di maturazione comprende porzioni annuali di 87.795 azioni per quattro anni, insieme a ulteriori diritti di maturazione legati a obiettivi di capitalizzazione di mercato: 175.589 azioni al raggiungimento di 300 milioni di dollari, 87.795 azioni a 450 milioni di dollari e 87.795 azioni a 600 milioni di dollari di capitalizzazione di mercato.
La concessione rappresenta un incentivo materiale per Patel a unirsi all'azienda come CEO ed è stata effettuata in conformità con la Regola Sec. 711 della Guida per le Aziende Listate della NYSE American. Le opzioni includono disposizioni per l'accelerazione e la perdita in caso di cessazione del rapporto di lavoro o cambiamento di controllo dell'azienda.
Mastech Digital (NYSE AMERICAN: MHH) ha otorgado 702,358 opciones sobre acciones no calificadas a su nuevo Presidente y CEO, Nirav Patel, con efecto a partir del 6 de enero de 2025. Las opciones se consolidarán bajo múltiples condiciones, incluidas criterios basados en el tiempo y en el rendimiento.
El cronograma de consolidación incluye partes anuales de 87,795 acciones durante cuatro años, más una consolidación adicional basada en el rendimiento relacionada con objetivos de capitalización de mercado: 175,589 acciones al alcanzar los 300 millones de dólares, 87,795 acciones a 450 millones y 87,795 acciones a 600 millones de dólares de capitalización de mercado.
La concesión sirve como un incentivo material para que Patel se una a la empresa como CEO y se realizó de acuerdo con la Regla Sec. 711 de la Guía para Empresas Listadas de NYSE American. Las opciones incluyen disposiciones para aceleración y pérdida en caso de terminación del empleo o cambio de control de la empresa.
Mastech Digital (NYSE AMERICAN: MHH)가 새로운 회장 겸 CEO인 Nirav Patel에게 702,358개의 비자격 주식 옵션을 2025년 1월 6일부로 부여했습니다. 옵션은 시간 기반 및 성과 기반 기준을 포함한 여러 조건에 따라 배정됩니다.
배정 일정에는 4년에 걸쳐 연간 87,795주와 함께 시장 자본화 목표에 따른 추가 성과 기반 배정이 포함되어 있습니다: 3억 달러에 도달할 때 175,589주, 4억 5천만 달러에 87,795주, 6억 달러에 87,795주가 배정됩니다.
이 부여는 Patel이 CEO로 회사에 합류하도록 하는 중요한 유인책으로 작용하며, NYSE American 상장 기업 가이드 규칙 제 711조에 따라 수행되었습니다. 이 옵션은 근로 계약 종료 또는 회사의 지배권 변경 시 가속 및 몰수에 대한 조항을 포함합니다.
Mastech Digital (NYSE AMERICAN: MHH) a accordé 702 358 options d'achat d'actions non qualifiées à son nouveau président et PDG, Nirav Patel, à compter du 6 janvier 2025. Les options seront acquises sous plusieurs conditions, y compris des critères basés sur le temps et la performance.
Le calendrier d'acquisition comprend des portions annuelles de 87 795 actions sur quatre ans, ainsi qu'une acquisition supplémentaire basée sur la performance liée à des objectifs de capitalisation boursière : 175 589 actions lors de l'atteinte de 300 millions de dollars, 87 795 actions à 450 millions de dollars et 87 795 actions à 600 millions de dollars de capitalisation boursière.
La concession constitue une incitation matérielle pour Patel à rejoindre l'entreprise en tant que PDG et a été effectuée conformément à la règle Sec. 711 du guide des sociétés cotées à la NYSE American. Les options incluent des dispositions pour l'accélération et la perte en cas de cessation d'emploi ou de changement de contrôle de l'entreprise.
Mastech Digital (NYSE AMERICAN: MHH) hat 702.358 nicht qualifizierte Aktienoptionen an seinen neuen Präsidenten und CEO, Nirav Patel, mit Wirkung zum 6. Januar 2025 gewährt. Die Optionen werden unter mehreren Bedingungen, einschließlich zeit- und leistungsbezogener Kriterien, fällig.
Der Vesting-Zeitplan umfasst jährliche Teile von 87.795 Aktien über vier Jahre sowie zusätzliche leistungsbezogene Vesting, die an Marktkapitalisierungsziele gebunden sind: 175.589 Aktien bei Erreichen von 300 Mio. USD, 87.795 Aktien bei 450 Mio. USD und 87.795 Aktien bei 600 Mio. USD Marktkapitalisierung.
Die Gewährung dient als wesentlicher Anreiz für Patel, dem Unternehmen als CEO beizutreten, und wurde gemäß der Regel Sec. 711 des NYSE American Listed Company Guide erteilt. Die Optionen enthalten Bestimmungen für Beschleunigung und Verfall im Falle einer Beendigung des Arbeitsverhältnisses oder eines Kontrollwechsels des Unternehmens.
- Structured CEO compensation package aligned with company growth targets
- Performance-based vesting tied to significant market cap milestones ($300M, $450M, $600M)
- Long-term retention incentive with 4-year vesting schedule
- Potential shareholder dilution from 702,358 new stock options
Subject to the terms of the underlying stock option agreement, the stock options will vest in accordance with the following schedule:
(i) 87,795 shares will vest on the one-year anniversary of the Effective Date;
(ii) 87,795 shares will vest on the second-year anniversary of the Effective Date;
(iii) 87,795 shares will vest on the third-year anniversary of the Effective Date;
(iv) 87,794 shares will vest on the four-year anniversary of the Effective Date;
(v) 175,589 shares will vest on the first date during Mr. Patel's term of employment that the Company's Quarterly Average Market Capitalization (as defined in the stock option agreement) is greater than
(vi) 87,795 shares will vest on the first date during Mr. Patel's term of employment that the Company's Quarterly Average Market Capitalization is greater than
(vii) 87,795 shares will vest on the first date during Mr. Patel's term of employment that the Company's Quarterly Average Market Capitalization is greater than
The options are subject to acceleration and forfeiture in the event of the termination of Mr. Patel's employment and/or the consummation of a 'Change of Control' of the Company, in each case in accordance with the terms of the stock option agreement.
This award was granted as a material inducement to employment in accordance with the NYSE American Listed Company Guide Rule Sec. 711.
About Mastech Digital
Mastech Digital, Inc. (NYSE American: MHH) is a leading provider of Digital Transformation Services. The company specializes in delivering high-quality technology talent and innovative solutions that help businesses drive digital transformation and harness the power of data and analytics. Mastech Digital operates globally, with headquarters in
For more information, visit www.mastechdigital.com.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking statements based on management's expectations, estimates, projections, and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of and statements regarding the Company's ability to generate revenues, earnings, and cash flow. These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecasted in forward-looking statements due to a variety of factors, including, without limitation, the level of market demand for the Company's services, the highly-competitive market for the types of services offered by the Company, the impact of competitive factors on profit margins, market and general economic conditions that could cause the Company's customers to reduce their spending for its services, the Company's ability to create, acquire and build new lines of business, to attract and retain qualified personnel, reduce costs and conserve cash, the extent to which the Company's business is adversely affected by the impacts of the COVID-19 pandemic or any other pandemics or outbreaks disrupting day-to-day activities and other risks that are described in more detail in the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023.
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SOURCE Mastech Digital, Inc.
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