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. Halka 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.Daryl Rolley, Senior Vice President and Chief Commercial Officer770.779.3900600 Galleria Parkway, Suite 100 Atlanta, GA 30339
ATLANTA, March 09, 2018 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that Doug Halka has been named Vice President and GM - Commercial, responsible for driving new business development and expanding existing client relationships in the Commercial Recovery Audit business. Prior to joining the Company, Mr. Halka served as Managing Director, Operations, for Accenture plc, responsible for growing client relationships across the Southeast region. Before Accenture, Mr. Halka served as Partner for JMS Advisory Group, a firm dedicated to escheat process development and improvement, and prior to that he was Managing Director/Partner for Callaway Partners, which was acquired by Huron Consulting Group Inc. in 2007. From 1996 through 2007, Mr. Halka held a series of business development management roles with Deloitte & Touche LLP and Arthur Anderson LLP. "We are delighted to have Doug join PRGX," said Daryl Rolley, Senior Vice President and Chief Commercial Officer. "We look forward to leveraging his valuable leadership and business development experience to drive the performance of our Company." In connection with Mr. Halka's employment, on March 5, 2018, the Company granted equity awards to Mr. Halka consisting of 12,000 shares of restricted stock, 18,000 performance-based restricted stock units (PBUs), and options to purchase 70,000 shares of the Company's common stock. The restricted stock and options will vest in equal one-third increments on each of March 5, 2019, March 5, 2020 and March 5, 2021, subject to Mr. Halka's continued employment with the Company. The options have an exercise price of $8.15 per share. 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. Halka remains continuously employed by the Company until such event.