NEW YORK, June 1, 2012 /PRNewswire/ -- In a press release issued earlier today, WebMD Health Corp. (Nasdaq: WBMD), the leading source of health information, announced the appointment of Cavan M. Redmond as its new Chief Executive Officer, effective May 31, 2012. In connection with such appointment, Mr. Redmond received options to purchase 1,000,000 shares of WebMD Common Stock at an exercise price of $23.03 per share, the closing price of WebMD Common Stock on May 31, 2012. In addition, Mr. Redmond will receive 45,000 shares of restricted WebMD Common Stock. The vesting schedule for the grants of options and restricted stock is 25% per year, on May 31 of each of 2013 through 2016. These grants are outside WebMD's existing shareholder approved equity plans and were approved by the Compensation Committee of the Board of Directors of WebMD as inducements to Mr. Redmond to enter into employment with WebMD, in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement. WebMD has filed with the SEC, earlier today, a Current Report on Form 8-K regarding the appointment of Mr. Redmond and related matters. Please refer to that filing for a full description of these inducement grants.
WebMD Health Corp. (NASDAQ: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications.
The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, emedicineHealth, RxList, theheart.org and Medscape Education.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements, including risks and uncertainties regarding: competition for advertisers and sponsors for our public portals and mobile platforms; changes in financial markets; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries. Further information about these matters can be found in our Securities and Exchange Commission filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.
SOURCE WebMD Health Corp.