Electromed Announces Grant of Inducement Equity Awards
08 7월 2023 - 5:05AM
Business Wire
Electromed, Inc. (“Electromed”) (NYSE American: ELMD), a leader
in innovative airway clearance technologies, today announced that
it granted equity awards on July 1, 2023 as a material inducement
to employment of James L. Cunniff, the newly appointed President
and Chief Executive Officer of Electromed.
As previously disclosed, Electromed and Mr. Cunniff entered into
an employment agreement in connection with Mr. Cunniff’s
appointment as President and Chief Executive Officer. Pursuant to
the employment agreement, the following equity awards were approved
for issuance to Mr. Cunniff by the Personnel and Compensation
Committee of the Board of Directors of Electromed in reliance on
the employment inducement award exemption under the NYSE American
LLC Company Guide Section 711(a): (i) 175,000 performance-based
restricted stock units and (ii) an option to purchase 175,000
shares of common stock of Electromed, each in the form of
inducement awards on terms substantially similar to Electromed’s
2017 Omnibus Incentive Plan and effective as of July 1, 2023. The
option will vest with respect to 25% of the shares on the first
anniversary of the date of grant and then quarterly over the
remaining three years in twelve substantially equal increments. The
performance-based restricted stock units will be eligible to vest
and settle into shares of common stock on a 1-for-1 basis with
respect to one-half of the shares upon achieving a total
shareholder return of 50% and the remaining shares upon a total
shareholder return of 100%, in each case within four years of the
date of grant.
This press release is being issued by Electromed pursuant to the
requirements of the NYSE American.
About Electromed, Inc.
Electromed, Inc. manufactures, markets, and sells products that
provide airway clearance therapy, including the SmartVest® Airway
Clearance System, to patients with compromised pulmonary function.
It is headquartered in New Prague, Minnesota, and was founded in
1992. Further information about Electromed can be found at
www.smartvest.com.
Cautionary Statements
Certain statements in this press release constitute
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can generally be identified by words such as
“anticipate,” “assume,” “believe,” “continue,” “expect,” “may,”
“potential,” “should,” “will,” and similar expressions, including
the negative of these terms, but they are not the exclusive means
of identifying such statements. Forward-looking statements cannot
be guaranteed, and actual results may vary materially due to the
uncertainties and risks, known or unknown associated with such
statements. Examples of risks and uncertainties for Electromed
include, but are not limited to, component or raw material
shortages, changes to lead times or significant price increases,
changes to Medicare, Medicaid, or private insurance reimbursement
policies; the duration, extent and severity of the COVID-19
pandemic, including its effects on Electromed’s business, supply
chain, operations and employees as well as its impact on its
customers and distribution channels and on economies and markets
more generally; the competitive nature of Electromed’s market;
changes to state and federal health care laws; changes affecting
the medical device industry; Electromed’s ability to develop new
sales channels for its products such as the homecare distributor
channel; Electromed’s need to maintain regulatory compliance and to
gain future regulatory approvals and clearances; new drug or
pharmaceutical discoveries; general economic and business
conditions; Electromed’s ability to renew its line of credit or
obtain additional credit as necessary; Electromed’s ability to
protect and expand its intellectual property portfolio; the risks
associated with expansion into international markets, as well as
other factors Electromed may describe from time to time in
Electromed’s reports filed with the Securities and Exchange
Commission (including Electromed’s most recent Annual Report on
Form 10-K, as amended from time to time, and subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K). Investors
should not consider any list of such factors to be an exhaustive
statement of all of the risks, uncertainties or potentially
inaccurate assumptions investors should take into account when
making investment decisions. Shareholders and other readers should
not place undue reliance on “forward-looking statements,” as such
statements speak only as of the date of this press release.
Electromed undertakes no obligation to update them in light of new
information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230707935463/en/
Brad Nagel, Chief Financial Officer (952) 758-9299
investorrelations@electromed.com
Electromed (AMEX:ELMD)
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Electromed (AMEX:ELMD)
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