ATLANTA, May 09, 2016 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Salvatore DePrima has been named Senior Vice President – Growth and Market Development, responsible for the Company’s growth initiatives, including new business development, growth within the Company’s existing client base and building out the Company’s adjacent services offerings. Prior to joining the Company, Mr. DePrima was President and Chief Executive Officer of Harvest Hill Beverage Company. Mr. DePrima previously served as Executive Vice President of Information Resources Inc. (IRI), a leading provider of big data analytics services to companies in the consumer packaged goods and retail industries, from 2008 through 2014. From 1986 through 2007, Mr. DePrima held positions of increasing responsibility in sales leadership at Cadbury Schweppes, PLC. Mr. DePrima began his career at Carnation Company, now part of Nestle.
“We are very excited to have Sal join PRGX,” said Ron Stewart, President and Chief Executive Officer. “We look forward to leveraging his deep sales, marketing and data analytics experience as we continue to execute our transformation strategy and aggressively pursue our goal of consistent and sustainable growth.”
In connection with Mr. DePrima’s employment, on May 5, 2016, the Company granted equity awards to Mr. DePrima consisting of 60,000 performance-based restricted stock units (PBUs), as well as options to purchase 60,000 shares of the Company's common stock. The options have an exercise price of $4.79 per share and will vest in equal one-third increments on each of May 5, 2017, May 5, 2018 and May 5, 2019, subject to Mr. DePrima’s continued employment with the Company. The PBUs vest and become payable based on revenue from continuing operations and the cumulative adjusted EBITDA from continuing operations that the Company achieves for the two year performance period ending December 31, 2017. Upon vesting, the PBUs will be settled by the issuance of a number of shares of Company common stock equal to 43% of the number of PBUs being settled and the payment of cash in an amount equal to the fair market value of that number of shares of common stock equal to 57% of the number of PBUs being settled. The terms of the PBUs were consistent with the terms of the PBUs granted to the Company’s executive officers on March 31, 2016. The options and PBUs also vest in full in the event of a change in control of the Company, provided Mr. DePrima remains continuously employed by the Company until such event.
The grants were approved by the compensation committee of the Company's board of directors, which committee is comprised solely of independent directors, and were granted as an inducement material to Mr. DePrima entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About PRGX
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,400 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk. For additional information on PRGX, please visit www.prgx.com.
Forward-Looking Statements
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company's overall condition and growth prospects, the Company’s execution of its transformation strategy, and the Company’s investments in, and opportunities associated with, its growth platforms, including its supplier information services business. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include revenue that does not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 15, 2016. The Company disclaims any obligation or duty to update or modify these forward-looking statements.
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