WebMD Health (WBMD) Updates on Inducement Award for New CEO Redmond
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In connection with the earlier announced appointment of Cavan Redmond as CEO of WebMD Health Corp. (Nasdaq: WBMD), the company announced that Redmond received options to purchase 1,000,000 shares of WebMD Common Stock at an exercise price of $23.03 per share, the closing price of WebMD Common Stock on May 31, 2012.
In addition, Mr. Redmond will receive 45,000 shares of restricted WebMD Common Stock. The vesting schedule for the grants of options and restricted stock is 25% per year, on May 31 of each of 2013 through 2016. These grants are outside WebMD's existing shareholder approved equity plans and were approved by the Compensation Committee of the Board of Directors of WebMD as inducements to Mr. Redmond to enter into employment with WebMD, in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
In addition, Mr. Redmond will receive 45,000 shares of restricted WebMD Common Stock. The vesting schedule for the grants of options and restricted stock is 25% per year, on May 31 of each of 2013 through 2016. These grants are outside WebMD's existing shareholder approved equity plans and were approved by the Compensation Committee of the Board of Directors of WebMD as inducements to Mr. Redmond to enter into employment with WebMD, in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
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