Avadel Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avadel Pharmaceuticals announced the approval of inducement stock option grants to three new employees, including Susan Rodriguez, the newly appointed Chief Operating Officer. The Compensation Committee granted non-statutory options to purchase 9,600 ordinary shares to two employees and 300,000 ordinary shares to Rodriguez under Avadel's 2021 Inducement Plan. The options have a 10-year term with a four-year vesting schedule: 25% vests after one year, followed by 25% annually for the next three years. These grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) as inducement for employment acceptance.

Positive

• Appointment of new Chief Operating Officer Susan Rodriguez strengthens executive leadership
• Stock options align new employees' interests with shareholders through equity compensation

Negative

• None.

DUBLIN, June 16, 2025 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on transforming medicines to transform lives, today announced that the Compensation Committee of Avadel’s Board of Directors approved the grant of non-statutory options to two new employees to purchase 9,600 ordinary shares under Avadel’s 2021 Inducement Plan. In addition, effective as of May 13, 2025, the Compensation Committee of Avadel’s Board of Directors approved a grant of non-statutory options to Susan Rodriguez, Avadel’s newly appointed Chief Operating Officer, to purchase 300,000 ordinary shares under Avadel’s 2021 Inducement Plan.

All of the above-described awards were granted as an inducement material to each employee’s acceptance of employment with Avadel in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term and vest over four years, with 25% vesting on the one-year anniversary of each new employee’s respective start date and 25% vesting on the second, third, and fourth anniversary thereafter. The options are subject to the terms and conditions of Avadel’s 2021 Inducement Plan approved by the Board of Directors in November 2021 and the terms and conditions of award agreements covering the grants.

About Avadel Pharmaceuticals plc

Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Avadel’s commercial product, LUMRYZ™, was approved by the U.S. Food & Drug Administration (FDA) as the first and only once-at-bedtime oxybate for the treatment of cataplexy or excessive daytime sleepiness (EDS) in patients 7 years and older with narcolepsy. For more information, please visit www.avadel.com.

Investor Contact:
Austin Murtagh
Precision AQ
Austin.Murtagh@precisionAQ.com
(212) 698-8696

Media Contact:
Lesley Stanley
Real Chemistry
lestanley@realchemistry.com
(609) 273-3162

FAQ

Who is Susan Rodriguez and what position did she take at Avadel Pharmaceuticals (AVDL)?

Susan Rodriguez was appointed as the new Chief Operating Officer of Avadel Pharmaceuticals, effective May 13, 2025.

How many stock options were granted to Avadel's (AVDL) new Chief Operating Officer?

Susan Rodriguez was granted non-statutory options to purchase 300,000 ordinary shares under Avadel's 2021 Inducement Plan.

What is the vesting schedule for Avadel's (AVDL) inducement stock options?

The options vest over four years, with 25% vesting on the one-year anniversary and 25% vesting on each of the second, third, and fourth anniversaries.

What is the purpose of Avadel's (AVDL) inducement awards under Nasdaq Rule 5635(c)(4)?

The inducement awards are granted as material incentives to attract new employees to join Avadel Pharmaceuticals, in accordance with Nasdaq listing rules.