Avadel Pharmaceuticals plc filed SEC Form 8-K: Other Events
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| Item 8.01 | Other Events. |
On March 5, 2025, the Compensation Committee (the “Committee”) of the Board of Directors of Avadel Pharmaceuticals plc (the “Company”) approved equity grants consisting of: (i) options to purchase up to 310,000 of the Company’s ordinary shares (“Ordinary Shares”) and 52,000 restricted share awards to Gregory Divis, Chief Executive Officer of the Company; (ii) options to purchase up to 72,000 Ordinary Shares and 12,600 restricted share awards to Thomas McHugh, Chief Financial Officer of the Company; and (iii) options to purchase up to 84,000 Ordinary Shares and 14,700 restricted share awards to Jerad Seurer, General Counsel and Corporate Secretary of the Company. The restricted share awards shall vest in equal annual installments on each of the first four anniversaries following the date of grant, subject in each case to the individual’s continued service at the Company. The options shall vest if at all, as set forth below. Such option awards are performance-based and designed to align with the interests of the Company’s shareholders. To the extent any portion of the options have not vested on or prior to the fifth anniversary of the date of grant, such portion shall expire.
| Vesting Schedule | Description |
| 25% of the shares subject to the option shall vest if the volume-weighted average price of the Company’s Ordinary Shares, as reported by the Nasdaq Global Market, during any 30-calendar day period exceeds $11 per share | Represents a 40% increase in share price from the grant date share price |
| 25% of the shares subject to the option shall vest if the volume-weighted average price of the Company’s Ordinary Shares, as reported by the Nasdaq Global Market, during any 30-calendar day period exceeds $14 per share | Represents a 78% increase in share price from the grant date share price |
| 25% of the shares subject to the option shall vest if the volume-weighted average price of the Company’s Ordinary Shares, as reported by the Nasdaq Global Market, during any 30-calendar day period exceeds $17 per share | Represents a 116% increase in share price from the grant date share price |
| 25% of the shares subject to the option shall vest if the volume-weighted average price of the Company’s Ordinary Shares, as reported by the Nasdaq Global Market, during any 30-calendar day period exceeds $19.09 per share | Represents a 143% increase in share price from the grant date share price |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVADEL PHARMACEUTICALS PLC | |||
| By: | /s/ Jerad G. Seurer | ||
| Date: March 7, 2025 | Name: | Jerad G. Seurer | |
| Title: | General Counsel & Corporate Secretary | ||