Hansen Medical Announces Employment Inducement Awards
MOUNTAIN VIEW, CA--(Marketwired - May 27, 2014) - Hansen Medical, Inc. (NASDAQ: HNSN) announced today the grant of a stock option to its newly appointed president and chief executive officer. Cary Vance, who joined the Company as its President and Chief Executive Officer on May 23, 2014 (the "Start Date"), was granted an option to purchase 851,915 shares of the Company's Common Stock, 25% of which will vest after 12 months of continuous employment, and the balance of which will vest in 36 successive equal monthly installments thereafter (the "Inducement Option"). The Company will also grant Mr. Vance a restricted stock unit award equal to 238,439 shares of the Company's Common Stock, 25% of which will vest on June 1, 2015 and an additional 6.25% of which will vest on March 1st, June 1st, September 1st and December 1st of each year thereafter (provided Mr. Vance remains in continuous employment through each such vesting date) (the "Inducement RSUs") and a performance stock unit award of up to 238,439 shares of the Company's Common Stock that will vest based on fiscal year 2015 revenue and Mr. Vance's continued employment through applicable vesting dates (the "Inducement PSUs," and together with the Inducement Option and the Inducement RSUs, the "Inducement Awards"). The Inducement Awards are being granted outside of the Company's 2006 Equity Incentive Plan, but will generally be subject to the same terms and conditions as apply to awards granted under that plan. The Company's Board of Directors (including a majority of the Company's Independent Directors) approved the Inducement Awards in reliance on the employment inducement exception to the NASDAQ rules that require shareholder approval of equity-based incentive plans and awards. The NASDAQ rules require the public announcement of such inducement awards.
The Inducement Option was granted on the Start Date and will expire 10 years from the Start Date. The per share exercise price for the Inducement Option is $1.40, which was the closing sales price of the Company's Common Stock on the Start Date as reported by NASDAQ. 158,995 of the of the Inducement PSUs will vest based on the achievement of both the Company's fiscal year 2015 revenue target (the "Performance Condition") and Mr. Vance's continued employment through applicable vesting dates. Mr. Vance will be eligible to vest in the additional Inducement PSUs if the Performance Condition is exceeded and Mr. Vance's employment continues through the applicable vesting dates.
About Hansen Medical, Inc.
Hansen Medical, Inc., based in Mountain View, California, is a global leader in Intravascular Robotics, developing products and technology designed to enable the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Company's Magellan™ Robotic System, 9Fr Magellan™ Robotic Catheter, Magellan™ 6Fr Robotic Catheter, and related accessories are intended to facilitate navigation to anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices. The Magellan 9Fr Robotic Catheter has undergone both CE marking and 510(k) clearance and is commercially available in the European Union, and the U.S. The Magellan 6Fr Robotic Catheter has undergone 510(k) clearance in the U.S. and is in limited release for the next several months in anticipation of more wide-scale commercially availability later in 2014. In the European Union, the Company's Sensei® X Robotic Catheter System and Artisan® and Artisan Extend® Control Catheters are cleared for use during electrophysiology (EP) procedures, such as guiding catheters in the treatment of atrial fibrillation (AF), and the Lynx® Robotic Ablation Catheter is cleared for the treatment of AF. This robotic catheter system is compatible with fluoroscopy, ultrasound, 3D surface map and patient electrocardiogram data. In the U.S., the Company's Sensei X Robotic Catheter System and Artisan and Artisan Extend Control Catheters are cleared by the U.S. Food and Drug Administration for manipulation and control of certain mapping catheters in EP procedures. In the U.S., the Sensei X Robotic Catheter System is not approved for use in guiding ablation procedures; this use remains experimental. The U.S. product labeling therefore provides that the safety and effectiveness of the Sensei X Robotic Catheter System and Artisan and Artisan Extend Control Catheter for use with cardiac ablation catheters in the treatment of cardiac arrhythmias, including AF, have not been established. Additional information can be found at www.hansenmedical.com.
