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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.