Lifevantage Corporation announced its Board of Directors approved the 2026 New Employee Long-Term Incentive Plan, effective July 31, 2026. The plan is designed to grant equity awards as a material inducement for attracting new employees, as permitted under Nasdaq listing rules without requiring shareholder approval.
Key Details
- Shares Reserved: The Board initially reserved 1,500,000 shares of the company's common stock for issuance under the plan.
- Purpose & Eligibility: The plan is intended to attract new talent. Awards may only be granted to new employees who have not previously been an employee or director, as a material inducement for them to accept employment.
- Adoption Rule: The plan was adopted without stockholder approval pursuant to the inducement grant exception under Nasdaq Listing Rule 5635(c)(4).