"I am honored and excited to have the opportunity to join the Company at a pivotal moment in its development," said Linda Tharby. "KORU Medical addresses a growing patient preference and a global shift to increased healthcare delivery in the home. KORU Medical's products and services deliver life-saving treatments to patients and provide them the freedom to infuse where and when they choose. I look forward to working with our employees, the executive management team and the Board in our mission to improve the quality of life for patients around the world and to deliver meaningful value to our patients, customers, and shareholders."
In connection with her appointment, among other things, Ms. Tharby will be granted three restricted stock awards in accordance with Nasdaq Marketplace Rule 5635(c)(4) as an inducement to her employment: (i) 200,000 shares vesting 25% on April 12, 2022 and 25% each 12 months thereafter; (ii) 200,000 shares vesting when the Company's market capitalization has attained specified levels for 90 consecutive days before April 12, 2026; and (iii) 600,000 shares vesting based on specified net sales growth targets for each of the 2022 through 2025 fiscal years, which will vest in full upon the Company maintaining a specified run rate for at least two consecutive quarters after January 1, 2022.
About KORU Medical Systems
KORU Medical Systems develops, manufactures, and commercializes innovative and easy-to-use specialty infusion solutions that improve quality of life for patients around the world. The FREEDOM Syringe Infusion System currently includes the FREEDOM60® and FreedomEdge® Syringe Infusion Drivers, Precision Flow Rate Tubing™ and HIgH-Flo Subcutaneous Safety Needle Sets™. These devices are used for infusions administered in the home and alternate care settings.
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