Mastech Digital, Inc. announced an award of non-qualified stock options to its new President and Chief Executive Officer, Nirav Patel, effective on his start date of January 6, 2025. The grant allows Mr. Patel to purchase up to 702,358 shares of the company's common stock.
The stock options include a vesting schedule that combines time-based and market capitalization-based milestones. A portion of the shares will vest annually over four years, while other tranches are contingent on the company's Quarterly Average Market Capitalization exceeding $300 million, $450 million, and $600 million.
This award was granted as a material inducement for Mr. Patel to join the company, aligning his compensation with the achievement of significant growth and shareholder value creation targets for Mastech Digital.
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