LifeMD Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

LifeMD, Inc. (NASDAQ: LFMD) announced on March 16, 2021, that its Compensation Committee granted an equity award to a new employee on March 15, 2021. The award consists of options to purchase 90,000 shares of common stock at an exercise price of $19.61, equal to the stock's closing price on the grant date. The options will vest monthly over three years, contingent on the employee's continued service, and have a five-year term. This award aligns with Nasdaq Listing Rule 5635(c)(4) as an inducement for employment.

Positive

• Grant of equity award may attract talent and align employee interests with shareholders.
• The options vest over a three-year period, promoting employee retention.

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• None.

NEW YORK, March 16, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, announced that the Compensation Committee of the Company’s Board of Directors granted an equity award to a new employee with a grant date of March 15, 2021, as an equity inducement award outside of the Company’s 2020 Equity and Incentive Plan (but under the terms of the 2020 Equity and Incentive Plan) and material to the employee’s acceptance of employment with the company. The equity award was approved on March 15, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received options to purchase an aggregate of 90,000 shares of LifeMD, Inc. common stock. The options have an exercise price of $19.61, which is equal to the closing price of LifeMD common stock on March 15, 2021, the grant date of the award. The options will vest ratably each month over a 36-month period that commences on the date of grant, subject to the employee’s continued employment with LifeMD on such vesting dates. The options have a five-year term.

About LifeMD
LifeMD, Inc. (formerly Conversion Labs) is a leading telehealth company that is transforming the healthcare landscape with direct-to-patient product and service offerings. LifeMD’s telemedicine platform enables virtual access to affordable and convenient medical treatment from licensed providers and, when appropriate, prescription medications and over-the-counter products delivered directly to the patient’s home. To learn more, go to LifeMD.com. 

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LifeMD, Inc.        
Marc Benathen, CFO
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FAQ

What is the latest equity award news for LifeMD (LFMD)?

LifeMD granted an equity award of options to purchase 90,000 shares at an exercise price of $19.61 to a new employee on March 15, 2021.

When was the equity award granted by LifeMD (LFMD)?

The equity award was granted on March 15, 2021.

What is the vesting schedule for the equity award at LifeMD (LFMD)?

The options will vest ratably each month over a 36-month period, contingent on the employee's continued employment.