Rafael Holdings Announces Inducement Grant Under NYSE Rule 303A.08
Rafael Holdings, Inc. (NYSE: RFL) announced a grant of 908,497 restricted shares of Class B common stock to CEO Ameet Mallik on May 27, 2021, as part of his employment agreement. The shares will vest over the next few years, with initial shares vesting on May 6, 2022, followed by monthly vesting until April 2025. This stock grant was made under the company's 2018 Equity Incentive Plan and approved by the Compensation Committee, serving as an inducement for Mr. Mallik's hiring which took effect on May 1, 2021.
- Grant of 908,497 restricted shares to CEO signifies company confidence in leadership.
- Stock vesting schedule incentivizes long-term performance and retention.
- None.
NEWARK, N.J., May 28, 2021 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE: RFL), today announced that, on May 27, 2021, it made a grant to Ameet Mallik, Rafael Holdings' Chief Executive Officer, of 908,497 restricted shares of the Company's Class B common stock in accordance with Mr. Mallik's employment agreement.
The restricted shares of Class B common stock shall vest as follows: 227,124 on May 6, 2022; 18,927 every month commencing June 1, 2022 through April 1, 2025; and 18,928 on May 1, 2025.
The restricted shares were granted under, and shall be subject to the terms of, Rafael's 2018 Equity Incentive Plan. The Plan was amended and restated to create an additional pool of 908,497 shares of Rafael's Class B common stock to be utilized exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The restricted stock grant was approved by the Compensation Committee of the Board of Directors and was offered as a material inducement to Mr. Mallik's hiring as Chief Executive Officer of the Company in reliance on the employment inducement exemption under Rule 303A.08. Mr. Mallik joined the Company on May 1, 2021.
About Rafael Holdings, Inc.:
Rafael Holdings is focused on the development of novel cancer therapies. The Company is a significant investor in two clinical stage oncology companies-- Rafael Pharmaceuticals, Inc. and LipoMedix Pharmaceuticals Ltd. Through its wholly owned Barer Institute subsidiary, the Company is developing a pipeline of compounds focused on the regulation of cancer metabolism. For more information, visit www.rafaelholdings.com.
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SOURCE Rafael Holdings, Inc.
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