MALVERN, PA — Neuronetics Inc. (NASDAQ: STIM) granted inducement equity awards to five newly hired non-executive employees under Nasdaq Listing Rule 5635(c)(4), using stock-based incentives to support recruitment outside its shareholder-approved equity compensation plans.
The company disclosed that its Compensation Committee approved the awards as a material inducement to employment under the Neuronetics 2020 Inducement Incentive Plan. All awards vest only if recipients remain employed through the applicable vesting dates.
The grants include 30,000 restricted stock units (RSUs) for Phillip McDaniel, split between two awards with staggered vesting schedules; 37,500 RSUs for Martin Webb, also divided into two awards; 9,000 RSUs for Nicolas Jackson; and 2,400 RSUs each for William Peschel and Alex Vargas.
Most awards vest in three equal annual installments beginning on the first anniversary of the grant date, while the second grants to McDaniel and Webb begin vesting on the second anniversary and continue through the fourth year.
Nasdaq Listing Rule 5635(c)(4) permits listed companies to issue equity awards to new employees without shareholder approval when the grants serve as a material inducement to employment. Neuronetics stated the awards were made in accordance with that provision.
Neuronetics develops interventional mental health therapies through its NeuroStar transcranial magnetic stimulation (TMS) platform and Greenbrook network of interventional psychiatry clinics.
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