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Liquid Holdings Group, Inc., a provider of cloud-based investment management solutions, reports an “inducement grant” to Peter R. Kent, its new chief financial officer.
“As an inducement for Mr. Kent to accept employment with Liquid, effective November 13, 2014, Mr. Kent was awarded a grant of nonqualified options to purchase 1,000,000 shares of the company’s common stock with a 10-year term and an exercise price equal to $1.50 per share,” according to the company’s statement.
“The options are scheduled to vest one third on the first anniversary of the grant date, the second one third on the second anniversary of the grant date, and the final one third on the third anniversary of the grant date, subject to continued employment through each vesting date,” according to Liquid.
The grant was made under NASDAQ Listing Rule 5635(c)(4), which requires public disclosure, and “sets forth the circumstances under which shareholder approval is required prior to an issuance of securities in connection with … equity-based compensation of officers, directors, employees or consultants,” who have not previously been employees or company directors, according to the NASDAQ’s stock market rules.
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