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. Morel 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 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 30% of the top 50 companies in the Fortune 500. 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 StatementsIn 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 recovery audit, supplier information management and source-to-pay analytics services. 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 16, 2017. The Company disclaims any obligation or duty to update or modify these forward-looking statements. This news release was distributed by GlobeNewswire, www.globenewswire.com CONTACT: PRGX Global, Inc.Ron Stewart, President and Chief Executive Officer 770.779.3900600 Galleria Parkway, Suite 100Atlanta, GA 30339
ATLANTA, Feb. 19, 2018 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Mark Morel has been named Chief Product Officer, responsible for overseeing all aspects of product management and ultimately ensuring PRGX's market leadership in Recovery Audit, Supplier Information Management and Source-to-Pay Analytics. Prior to joining the Company, Mr. Morel served as President and Chief Operating Officer for Intradiem, Inc., an enterprise SaaS/Cloud-based software company that automates management processes. Before Intradiem, Mr. Morel served as the Managing Partner for two private investment firms based in Atlanta. From 1999 through 2015, Mr. Morel held a series of CEO roles with three SaaS/Cloud-based companies, most notably Procuri, Inc. Procuri, which was acquired by Ariba, Inc. in 2007, was a leading provider of SaaS supply chain management software, content and services, including strategic sourcing, contract management, spend analysis and supplier management solutions. Prior to Procuri, Mr. Morel held various positions with numerous other technology, health care and financial services firms. "We are excited to have Mark join PRGX," said Ron Stewart, President and Chief Executive Officer. "We look forward to leveraging his significant leadership, technology and SaaS/Cloud experience as we continue to execute our transformation strategy." In connection with Mr. Morel's employment, on February 13, 2017, the Company granted equity awards to Mr. Morel consisting of 8,500 shares of restricted stock, 12,750 performance-based restricted stock units (PBUs), and options to purchase 90,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of February 13, 2019, February 13, 2020 and February 13, 2021, subject to Mr. Morel's continued employment with the Company. The options have an exercise price of $7.55. 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, 2018. The terms of the PBUs are consistent with the terms of the PBUs granted to the Company's executive officers on March 30, 2017. The restricted stock, options and PBUs also vest in full in the event of a change in control of the Company, provided Mr. Morel remains continuously employed by the Company until such event.