Avadel Pharmaceuticals plc announced the appointment of Douglas Williamson, MBChB, as Chief Medical Officer. Dr. Williamson has more than 25 years of scientific, clinical and medical experience primarily focused on neuroscience. He joins Avadel from Lundbeck, where he served as Senior Vice President, Head of U.S. R&D and Deputy Global Chief Medical Officer.

While at Lundbeck, he led the transformation of the U.S. R&D organization and oversaw multiple cross-functional teams across clinical development and operations, medical affairs, value evidence (health outcomes), patient safety, clinical pharmacology and regulatory affairs. Prior to Lundbeck, he served as Vice President, Global Head Therapeutic Area leadership at Parexel International, where he developed and instituted therapeutic area strategies to guide new business acquisitions and was the functional head of the medical group across all therapeutic areas. Earlier in his career, Dr. Williamson held multiple roles at Eli Lilly and Company, including Head, Early Phase Clinical Development Neuroscience, where he oversaw the clinical development of all novel molecules in the psychiatry, pain and neurodegeneration portfolio.

He earned a Bachelor of Medicine and Surgery (MBChB) degree from Edinburgh University in Scotland. He is a member of the Royal College of Psychiatrists. In connection with the hiring of Dr. Williamson, the Compensation Committee of the Board of Directors approved the grant of non-statutory options to Dr. Williamson to purchase an aggregate of 275,000 ordinary shares under Avadel's 2021 Inducement Plan.

The awards were granted as an inducement material to Dr. Williamson's acceptance of employment with Avadel in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $6.60 per share, which is equal to the closing price of Avadel's American Depositary Shares as reported by Nasdaq on February 11, 2022. The options have a ten year term and vest over four years, with 25% vesting on the one-year anniversary of Dr. Williamson's first day of employment with Avadel and the remainder vesting in equal annual installments of 25% for the three years thereafter, subject to Dr. Williamson's continued service with Avadel on each such vesting date.

The options are subject to the terms and conditions of Avadel's 2021 Inducement Plan approved by the Board of Directors in November 2021 and the terms and conditions of award agreements covering the grant.