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

Rhea-AI Summary

TransMedics Group, Inc. (Nasdaq: TMDX) announced on August 4, 2021, the grant of non-qualified stock options totaling 160,800 shares to five employees. This move, aimed at incentivizing new hires, was approved by the Board of Directors and follows Nasdaq Listing Rule 5635(c)(4). Notably, Chief Digital Officer Rakesh Godhani received options for 140,000 shares at an exercise price of $27.87, the stock's closing price on that date. The options vest over a four-year period and have a 10-year term.

TransMedics specializes in organ transplant technology.

Positive

• Grant of 160,800 stock options to incentivize new employees.
• Chief Digital Officer received a significant grant of 140,000 shares.

Negative

• None.

ANDOVER, Mass., Aug. 9, 2021 /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 August 4, 2021, TransMedics granted non-qualified stock options to purchase an aggregate of 160,800 shares of its common stock to five employees as a material inducement for each employee's entry into employment with TransMedics. The options were approved by 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 a non-qualified stock option to Rakesh Godhani, Chief Digital Officer, to purchase 140,000 shares of TransMedics' common stock and granted non-qualified stock options to four new non-executive employees to purchase 20,800 shares of TransMedics' common stock in the aggregate. The stock options were granted with a per share exercise price of $27.87, the closing price of the common stock on the Nasdaq Global Market on the date of grant. 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.

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.

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SOURCE TransMedics Group, Inc.

FAQ

What was the purpose of TransMedics' stock options grant on August 4, 2021?

The stock options grant aimed to incentivize new employees.

How many stock options did TransMedics grant to employees on August 4, 2021?

TransMedics granted a total of 160,800 stock options.

What is the exercise price for the stock options granted by TransMedics?

The exercise price for the stock options was $27.87.

Who received the largest stock options grant in TransMedics' announcement?

Rakesh Godhani, the Chief Digital Officer, received the largest grant of 140,000 shares.

What is the vesting schedule for the stock options granted by TransMedics?

The options vest 25% on the first anniversary and the remainder monthly over three years.