Loar Holdings Inc. Announces the Grant of Inducement Awards
WHITE PLAINS, NY / ACCESSWIRE / December 16, 2024 / Loar Holdings Inc. (NYSE:LOAR) ("Loar," "we" and "our"), today announced that it has granted options to purchase an aggregate of 68,000 shares of common stock to three new employees. The options to purchase common stock were granted without stockholder approval as material inducements to the employees entering into employment with Loar pursuant to NYSE Listed Company Manual Section 303A.08 and were approved by the Compensation Committee of the Board of Directors of Loar.
Each grant of options to purchase common stock is granted in five separate, equal size tranches: Tranche A, Tranche B, Tranche C, Tranche D and Tranche E. Tranche A vests on the first anniversary of the date of grant with an exercise price equal to the closing price of our common stock on the trading day immediately preceding the date of grant (the "Grant Price"). Tranche B vests on the second anniversary of the date of grant with an exercise price set at the product of 1.10 and the Grant Price. Tranche C vests on the third anniversary of the date of grant with an exercise price set at the product of 1.21 and the Grant Price. Tranche D vests on the fourth anniversary of the date of grant with an exercise price set at the product of 1.33 and the Grant Price. Tranche E vests on the fifth anniversary of the date of grant with an exercise price set at the product of 1.46 and the Grant Price. The options will expire on the earlier of (i) ten years from the grant date or (ii) 90 days after termination of employment other than upon death, disability or cause. The options to purchase common stock are subject to individual award agreements.
About Loar Holdings Inc.
Loar Holdings Inc. is a diversified manufacturer and supplier of niche aerospace and defense components that are essential for today's aircraft and aerospace and defense systems. Loar has established relationships across leading aerospace and defense original equipment manufacturers and Tier Ones worldwide.
Forward Looking Statements
This press release contains forward-looking statements. These statements are not historical facts but rather are based on Loar's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, uncertainties related to market conditions, volatility in the price of Loar's common stock, and other factors relating to Loar's business described in the Company's Prospectus dated December 12, 2024, filed with the Securities and Exchange Commission ("SEC") as it may be amended from time to time, and Loar's latest Quarterly Report on Form 10-Q, including under the caption "Risk Factors," and Loar's subsequent filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Loar undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws.
Contact
Ian McKillop
Loar Holdings Investor Relations
[email protected]
SOURCE: Loar Group Inc.
View the original press release on accesswire.com