FT. MYERS, FL / ACCESSWIRE / December 5, 2022 / NeoGenomics, Inc. (NASDAQ:NEO), a leading provider of oncology testing and global contract research services, today announced, as required by the Nasdaq Listing Rules, equity inducement awards to Mr. Jeff Sherman, the company's new chief financial officer. As a material inducement to Mr. Sherman joining the company, and in accordance with Nasdaq Listing Rule 5635(c)(4), the Culture and Compensation Committee of the Board approved granting Mr. Sherman a sign-on award consisting of: (i) an award of 133,809 restricted stock shares of the company's common stock (the "RSA") and (ii) a stock option to purchase 249,169 shares of the company's common stock, in each case effective as of December 5, 2022 (collectively, the "Inducement Awards"). The Inducement Awards were made outside of the company's current equity plan, but are subject to terms and conditions generally consistent with those in the company's 2015 Amended and Restated Equity Incentive Plan, as most recently amended and approved by a majority the stockholders on May 27, 2021.
Two-thirds of the restricted stock subject to the RSA will vest in four equal annual installments based on an increase in the Company's absolute total stockholder return in the 12-month period that runs from December 7, 2022 through December 6, 2023, as determined by the Board of Directors of the Company or its compensation committee. The remaining shares of restricted stock will vest ratably on the four yearly anniversaries of the RSA's grant date, subject to Mr. Sherman's continued service through each applicable vesting date.
The stock option award has a seven-year term and a per share exercise price of $11.62, representing the closing price of the company's common stock as quoted on The Nasdaq Stock Market LLC on the day prior to the stock option award's date of grant. Twenty-five percent of the shares subject to the stock option award will vest on each yearly anniversary of the stock option award's grant, subject to Mr. Sherman's continued service through each applicable vesting date.
About NeoGenomics, Inc.
NeoGenomics, Inc. specializes in cancer genetics testing and information services, providing one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company's Pharma Services Division serves pharmaceutical clients in clinical trials and drug development.
NeoGenomics is committed to connecting patients with life altering therapies and trials. We believe that, together, with our partners, we can help patients with cancer today and the next person diagnosed tomorrow. In carrying out these commitments, NeoGenomics seeks to adhere to all relevant data protection laws, to provide transparency and choice to patients regarding the handling and use of their data through our Notice of Privacy Practices, and invest in leading technologies to ensure the data we maintain is secured at all times.
Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories in Fort Myers and Tampa, Florida; Aliso Viejo and Carlsbad, California; Research Triangle Park, North Carolina; Houston, Texas; Atlanta, Georgia; Nashville, Tennessee; and CAP accredited laboratories in Rolle, Switzerland; Singapore and China.
NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States, and pharmaceutical firms in Europe and Asia.
We routinely post information that may be important to investors on our website at www.neogenomics.com.
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "would," "may," "will," "believe," "estimate," "forecast," "goal," "project," "guidance," "plan," "potential" and other words of similar meaning, although not all forward-looking statements include these words. These forward-looking statements address various matters, including statements regarding the future success of the Company. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to ensure a smooth transition of responsibilities between members of its management team, and the risks identified under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022 as well as other information previously filed with the SEC.
We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document (unless another date is indicated), and we under take no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
For further information, please contact:
Mark Klausner, ICR Westwicke
T: (443) 213-0501
M: (410) 627-2087
SOURCE: NeoGenomics, Inc.
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Released December 5, 2022