PITTSBURGH, Jan. 7, 2025
/PRNewswire/ -- Mastech Digital, Inc. (the 'Company') (NYSE
AMERICAN: MHH), a leading provider of Digital Transformation
Services, today announced that the Company made an award of
non-qualified stock options to purchase up to 702,358 shares of the
Company's common stock to its new President and Chief Executive
Officer, Nirav Patel, effective on
his start date, January 6, 2025 (the
"Effective Date"). The award was made pursuant to the Company's
previously announced Executive Employment Agreement with Mr. Patel,
and as a material inducement to him joining the Company as its
President and Chief Executive Officer.
Subject to the terms of the underlying stock option agreement,
the stock options will vest in accordance with the following
schedule:
(i) 87,795 shares will vest on the
one-year anniversary of the Effective Date;
(ii) 87,795 shares will vest on the second-year
anniversary of the Effective Date;
(iii) 87,795 shares will vest on the third-year anniversary
of the Effective Date;
(iv) 87,794 shares will vest on the four-year anniversary of
the Effective Date;
(v) 175,589 shares will vest on the first date during Mr.
Patel's term of employment that the Company's Quarterly Average
Market Capitalization (as defined in the stock option agreement) is
greater than $300,000,000;
(vi) 87,795 shares will vest on the first date during Mr.
Patel's term of employment that the Company's Quarterly Average
Market Capitalization is greater than $450,000,000; and
(vii) 87,795 shares will vest on the first date during Mr.
Patel's term of employment that the Company's Quarterly Average
Market Capitalization is greater than $600,000,000.
The options are subject to acceleration and forfeiture in the
event of the termination of Mr. Patel's employment and/or the
consummation of a 'Change of Control' of the Company, in each case
in accordance with the terms of the stock option agreement.
This award was granted as a material inducement to employment in
accordance with the NYSE American Listed Company Guide Rule Sec.
711.
About Mastech Digital
Mastech Digital, Inc. (NYSE American: MHH) is a leading provider
of Digital Transformation Services. The company specializes in
delivering high-quality technology talent and innovative solutions
that help businesses drive digital transformation and harness the
power of data and analytics. Mastech Digital operates globally,
with headquarters in Pittsburgh,
PA, and delivery centers in North
America and India.
For more information, visit www.mastechdigital.com.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking
statements based on management's expectations, estimates,
projections, and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements, which include but are not
limited to projections of and statements regarding the Company's
ability to generate revenues, earnings, and cash flow. These
statements are based on information currently available to the
Company and it assumes no obligation to update the forward-looking
statements as circumstances change. These statements are not
guarantees of future performance and involve certain risks and
uncertainties, which are difficult to predict. Therefore,
actual future results and trends may differ materially from what is
forecasted in forward-looking statements due to a variety of
factors, including, without limitation, the level of market demand
for the Company's services, the highly-competitive market for the
types of services offered by the Company, the impact of competitive
factors on profit margins, market and general economic conditions
that could cause the Company's customers to reduce their spending
for its services, the Company's ability to create, acquire and
build new lines of business, to attract and retain qualified
personnel, reduce costs and conserve cash, the extent to which the
Company's business is adversely affected by the impacts of the
COVID-19 pandemic or any other pandemics or outbreaks disrupting
day-to-day activities and other risks that are described in more
detail in the Company's filings with the Securities and Exchange
Commission, including its Form 10-K for the year ended December 31, 2023.
Logo: https://mma.prnewswire.com/media/1039524/2514173/Mastech_Digital_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/mastech-digital-announces-new-employee-inducement-grant-under-nyse-american-listed-company-guide-rule-sec-711-302344327.html
SOURCE Mastech Digital, Inc.