TransMedics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

TransMedics grants stock options and restricted stock units to employees

Positive

• TransMedics granted non-qualified stock options to purchase 105,119 shares of its common stock and 67,288 restricted stock units to 21 employees as a material inducement for employment. The options have a 10-year term and vesting is subject to continued service with the company.

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• None.

ANDOVER, Mass., Oct. 10, 2023 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced that on October 5, 2023, TransMedics granted non-qualified stock options to purchase an aggregate of 105,119 shares of its common stock and an aggregate of 67,288 restricted stock units to 21 employees, each as a material inducement for each employee's entry into employment with TransMedics. The grants were approved by the Compensation Committee of the TransMedics Board of Directors and were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and pursuant to the TransMedics Group, Inc. Inducement Plan.

TransMedics granted non-qualified stock options to purchase 105,119 shares of TransMedics' common stock and 67,288 restricted stock units in the aggregate. The stock options were granted with a per share exercise price of $51.04, the closing price of the common stock on the Nasdaq Global Market on October 5, 2023. Twenty-five percent of the shares subject to each option will vest on the first yearly anniversary of the date of the employee's start of employment, with the remainder vesting in equal monthly installments over the subsequent three year period, subject to the employee's continued service with the Company through the applicable vesting date. The options have a 10-year term and are subject to the terms of the TransMedics Group, Inc. Inducement Plan. Twenty-five percent of each restricted stock unit award will vest on the first four anniversaries of the date of the employee's start of employment, subject to the employee's continued service with the Company through the applicable vesting date. The restricted stock units are subject to the terms of the TransMedics Group, Inc. Inducement Plan.

About TransMedics Group, Inc. 
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.

Investor Contact:
Brian Johnston
332-895-3222
Investors@transmedics.com 

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SOURCE TransMedics Group, Inc.

FAQ

What did TransMedics announce?

TransMedics announced the granting of stock options and restricted stock units to employees.

How many shares were granted?

105,119 shares of common stock and 67,288 restricted stock units were granted.

What is the exercise price of the stock options?

The exercise price of the stock options is $51.04 per share.

What is the vesting schedule for the options?

25% of the shares vest on the first yearly anniversary, with the remainder vesting in equal monthly installments over the next three years.

What is the term of the options?

The options have a 10-year term.

What is the purpose of the grants?

The grants were made as a material inducement for employment with TransMedics.