PLYMOUTH, Minn., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Entellus Medical, Inc. (NASDAQ:ENTL), a medical technology company focused on delivering minimally invasive ENT procedures, today announced that the Compensation Committee of the Board of Directors of Entellus granted stock options covering an aggregate of 325,500 shares of Entellus common stock to 42 persons newly employed by Entellus as a result of the Spirox, Inc. acquisition.
The stock options were granted effective as of August 4, 2017 (September 4, 2017, in the case of employees who accept their options and the conditions to their options after August 4, 2017), have a ten-year term, per share exercise price equal to the closing price of Entellus common stock on August 4, 2017 (or September 4, 2017, if applicable), and vest with respect to one-fourth of the underlying shares on the one-year anniversary of the closing date of the Spirox acquisition, and monthly thereafter over the subsequent three years, subject to the recipient’s continued service.
These inducement options were granted under the Entellus Medical, Inc. 2017 Employment Inducement Incentive Award Plan, which is a non-stockholder approved plan, approved by the Board of Directors to facilitate the granting of equity awards as an inducement material to new employees joining Entellus. These awards were granted without stockholder approval in accordance with NASDAQ Listing Rule 5635(c)(4) and are subject to the terms of the plan and the award agreements entered into with each recipient. NASDAQ Listing Rule 5635(c)(4) requires a public announcement of inducement equity awards.
About Entellus Medical, Inc.
Entellus is a medical technology company focused on delivering superior patient and physician experiences through products designed for less invasive treatments. Entellus products are used for the treatment of adult and pediatric patients with chronic and recurrent sinusitis, patients with nasal airway obstruction, as well as adult patients with persistent Eustachian tube dysfunction. The Entellus platform of products provides safe, effective and easy-to-use solutions intended to enable treatment of patients in more cost-effective sites of care. Entellus’s product lines including the XprESS™ ENT Dilation System, Latera™ Absorbable Nasal Implant, MiniFESS™ Surgical Instruments, XeroGel Nasal Dressing and FocESS™ Imaging & Navigation combine to enable ENT physicians to conveniently and comfortably perform a broad range of procedures in the most cost effective and efficient site of care. Entellus is committed to broadening its product portfolio with high-quality and purposeful innovations for the global ENT market.
Contact: Lynn Pieper Lewis 415-937-5402 ir@entellusmedical.com
