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Fathom Digital Manufacturing Corporation Reports Inducement Equity Grant Pursuant to NYSE Rule 303A.08
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Fathom Digital Manufacturing Corp. has granted inducement equity awards to Carey Chen as the new CEO, consisting of 256,426 shares of Fathom common stock. The awards include time-vesting and performance-vesting restricted stock units.
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HARTLAND, Wis.--(BUSINESS WIRE)--
Fathom Digital Manufacturing Corp. (NYSE: FATH) (“Fathom” or the “Company”), an industry leader in on-demand digital manufacturing services, today announced that it has granted to Carey Chen inducement equity awards covering an aggregate of 256,426 shares of Fathom common stock as a material inducement for Mr. Chen to accept his appointment as Chief Executive Officer of Fathom.
The equity awards, consisting of grants of 151,515 time-vesting restricted stock units (“RSUs”) and 104,911 performance-vesting RSUs (“PSUs”), were approved by the independent members of the Company’s Board of Directors (“Board”) and are being made in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08. Fathom is announcing the grant of the equity awards in this news release to comply with Rule 303A.08.
The RSUs vest on the third anniversary of the grant date, subject to Mr. Chen’s continued service through each applicable vesting date. The PSUs will vest in six tranches, with each tranche subject to (i) the Company attaining the stock price growth hurdle during the relevant performance period for such tranche, and (ii) Mr. Chen’s continued service through the later of (x) the fourth anniversary of the grant date and (y) the date on which a particular tranche’s stock price growth hurdle is attained, subject to certification by the Compensation Committee of the Board.
The equity awards were granted outside of Fathom’s 2021 Omnibus Incentive Plan, but generally have terms and conditions consistent with those set forth in that plan. The Company intends to file a Registration Statement on Form S-8 covering these equity awards.
About Fathom Digital Manufacturing
Fathom is one of the largest on-demand digital manufacturing platforms in North America, serving the comprehensive product development and low- to mid-volume manufacturing needs of some of the largest and most innovative companies in the world. With more than 25 quick turn manufacturing processes combined with an extensive national footprint, Fathom seamlessly blends in-house capabilities across plastic and metal additive technologies, CNC machining, injection molding and tooling, sheet metal fabrication, design and engineering, and more. Fathom has more than 35 years of industry experience and is at the forefront of the Industry 4.0 digital manufacturing revolution, serving clients in the technology, defense, aerospace, medical, automotive, IOT sectors, and others. Fathom's certifications include: ITAR Registered, ISO 9001:2015 Design Certified, ISO 9001:2015, ISO 13485:2016, AS9100:2016, and NIST 800-171. To learn more, please visit www.fathommfg.com.
What is the news about Fathom Digital Manufacturing Corp.?
The news is about Fathom granting inducement equity awards to its new CEO, Carey Chen.
How many shares of Fathom common stock were granted to Carey Chen?
Carey Chen was granted 256,426 shares of Fathom common stock.
What types of restricted stock units were included in the equity awards?
The equity awards consist of time-vesting and performance-vesting restricted stock units.
What are the vesting conditions for the restricted stock units?
The time-vesting restricted stock units vest on the third anniversary of the grant date, subject to Mr. Chen's continued service. The performance-vesting restricted stock units will vest in six tranches based on stock price growth and Mr. Chen's continued service.
Will Fathom file a Registration Statement for these equity awards?
Yes, Fathom intends to file a Registration Statement on Form S-8 to cover these equity awards.
fathom is driven by advanced technologies that enhance and accelerate a company’s product development and manufacturing processes. every day, industry-leading companies leverage fathom’s expertise to put satellites into orbit, electric cars on freeways, and a full spectrum of devices into people’s hands and homes. fathom’s services focus on prototype fabrication and production parts by way of uniquely blending additive technologies and materials with foundational manufacturing methods—companies go from concept to prototype to production in a way that wasn’t previously possible. this complete offering is supported by a dynamic in-house industrial design and mechanical engineering focused team. fathom strives to be its customers’ preferred partner for accelerated product development by providing best-in-class equipment, services, and support. stratasys/objet—among top resellers [ 2009-2017 ] inc 5000 [ 2013-2017 ] no. 369, 1312, 1002, 1279, 2117 icic inner city 100 in fortune [ 2014-2017
