Accretive Health Reports Inducement Grant
July 22 2014 - 8:00AM
Business Wire
Accretive Health, Inc. (OTC Pink: ACHI) today announced that
pursuant to the offer letter agreement entered into with Emad Rizk,
M.D., on July 10, 2014, the company granted to Dr. Rizk on July 21,
2014 a nonstatutory stock option and shares of restricted common
stock (collectively the “Inducement Grants”) as an inducement
material to Dr. Rizk’s acceptance of employment with the company.
The Inducement Grants were approved by the company’s Board of
Directors on July 9, 2014. The company previously announced that
Dr. Rizk has been appointed President, Chief Executive Officer, and
a member of the company's Board of Directors, effective July 21,
2014.
The stock option is for the purchase of 2,700,000 shares of the
company’s common stock, with an exercise price of $8.98, which was
the closing price of the company’s common stock reported through
the facilities of the OTC Markets Group Inc. on July 21, 2014. The
restricted stock award was a grant of 1,000,000 shares of
restricted common stock of the company. The stock option generally
will vest in equal annual installments over four years following
the grant date, subject to continued service with the company.
One-half of the restricted stock award generally will vest in equal
annual installments over four years following the grant date,
subject to continued service with the company. The remaining
one-half of the restricted stock award generally will vest based on
a stock price performance goal of two times the closing price of a
share of the company’s common stock on the grant date, which must
be equaled or exceeded for at least twenty (20) consecutive trading
days based on the average closing price for such twenty
(20)-consecutive trading day period. The Inducement Grants will be
issued outside of the company’s 2010 Stock Incentive Plan.
About Accretive Health
At Accretive Health, our mission is to partner with healthcare
communities to serve as a catalyst for a healthier future for all.
For more information, visit www.accretivehealth.com.
Accretive Health, Inc.Investor Relations:Atif
Rahim312-324-5476investorrelations@accretivehealth.comorMedia
Relations:Brian Pitts312.475.5921brian.pitts@hkstrategies.com
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