MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on improving the lives of patients who suffer from psychiatric disorders, announced that, in connection with the hiring of Keith J. Sullivan as the company’s President and Chief Executive Officer on July 14, 2020, the company’s Board of Directors authorized the grant to Mr. Sullivan of the following long term equity incentive grants as an inducement material to him accepting employment with the company, each of which was made outside of Neuronetics’ 2018 Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4) with vesting subject to Mr. Sullivan’s continued employment with the company on the relevant vesting date:
- 500,000 restricted stock units, 25% of which will vest annually. Each vested restricted stock unit will be settled in one share of the company’s common stock;
- 500,000 performance restricted stock units (“PRSUs”), which will vest based on appreciation of the company’s common stock price, measured using a trailing 30-day volume-weighted average price of a share of the company’s common stock. Each vested performance restricted stock unit will be settled in one share of the company’s common stock; and
- 1,000,000 non-qualified stock options, with an exercise price of $1.98, 25% of which will vest on July 14, 2021, and 1/48th of which will vest monthly thereafter.
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