SAN DIEGO, April 21, 2014 -- TearLab Corporation (Nasdaq:TEAR; TSX:TLB) ("TearLab" or the "Company") today announced the appointment of Paul Smith to its senior management team in the newly created position of Vice President, International Markets.
Mr. Smith brings a wealth of international ophthalmic sales and marketing, operations and general management experience to the Company. He joins TearLab from his current position as Global Marketing Manager within the Surgical Cataract Franchise at Alcon Laboratories Inc. (“Alcon”). In that role, he was responsible for portfolio management, strategy formulation and implementation for Alcon's largest device franchise, representing over $1 billion in annual revenue. His 12 years of progressive experience at Alcon includes previous positions involving surgical/instrumentation, pharmaceutical and consumer business unit operations and strategy management in global markets.
“Alcon is well-recognized as a leader in the ophthalmic space, both at home and abroad,” commented TearLab’s CEO, Elias Vamvakas. “Paul’s experience at Alcon brings an important depth of knowledge of the international ophthalmic device and pharmaceutical space to TearLab’s management team, and we are very pleased to have attracted an executive of his caliber to this important new position.”
Upon extending the employment offer to Mr. Smith, a majority of the independent members of the Company’s Board of Directors approved the grant of an option to purchase 100,000 shares of the Company’s common stock. The stock option has a ten-year term and a per share exercise price equal to the higher of (i) the closing price per share of the Company’s common stock as quoted on the Nasdaq Capital Market on April 21, 2014 or (ii) the prior five-day volume weighted average price of the Company’s common stock as quoted on the Nasdaq Capital Market at the close of business on April 21, 2014. The stock option has a vesting commencement date of April 21, 2014, Mr. Smith’s start date with the Company, and will vest in equal annual increments over a three year period, subject to Mr. Smith’s continued service with the Company through each applicable vesting date. In addition, the stock option will fully accelerate as to vesting in the event of a change of control prior to Mr. Smith’s termination of service. The stock option grant was made as an inducement that was material to Mr. Smith’s acceptance of employment with the Company and was granted as an employment inducement award pursuant to NASDAQ Listing Rule 5635(c)(4).