Senseonics Announces Equity Grants To Employees Under Inducement Plan

Rhea-AI Summary

Senseonics Holdings, Inc. (SENS) has granted equity to four new non-executive employees under its 2019 Inducement Plan, totaling 22,000 stock options and 280,000 restricted stock units. The stock options have an exercise price of $0.95 per share, correlating with the closing price on January 5, 2021. Vesting occurs over four years, contingent on continued employment. This move aims to strengthen Senseonics' workforce as it seeks to expand its Eversense continuous glucose monitoring system for diabetes patients in the U.S. and internationally.

Positive

• Equity grants may attract and retain talent, enhancing company capabilities.
• Stock options priced at $0.95 could incentivize employees as the market recovers.

Negative

• None.

Senseonics Holdings, Inc. (NYSE American: SENS), a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, announced that it had made equity grants to new employees under its 2019 Inducement Plan (the “Plan”) in accordance with NYSE American Company Guide Section 711(a).

On January 5, 2021, Senseonics Compensation Committee granted four new non-executive employees, in the aggregate, non-qualified stock options to purchase an aggregate of 22,000 shares and a restricted stock unit for 280,000 shares of the Company’s common stock as an inducement for such employees to join the Company. The options have an exercise price of $0.95 per share, which was the closing price of the Company’s common stock on the NYSE American on January 5, 2021. 25% of the shares underlying the options will vest on the first anniversary of the employee’s start date, with the remainder vesting in monthly installments over the subsequent three year period, in all cases contingent on such employee’s continued service with the Company at the applicable vesting date. 25% of the shares underlying the restricted stock unit will vest on the first anniversary of the employee’s start date, with the remainder vesting in six equal installments each May 15^th and November 15^th over the subsequent 38 month period following the first anniversary of the start date beginning with May 15, 2022, subject to the employee’s continuous employment through the applicable vesting date. Senseonics continues to work to bring its Eversense CGM System to more people with diabetes in the U.S. and other markets around the globe and drives to develop enhancements to the system.

About Eversense

The Eversense® Continuous Glucose Monitoring (CGM) System is indicated for continually measuring glucose levels in persons age 18 and older with diabetes for up to 90 days. The system is indicated for use to replace fingerstick blood glucose (BG) measurements for diabetes treatment decisions. Fingerstick BG measurements are still required for calibration twice per day, and when symptoms do not match CGM information or when taking medications of the tetracycline class. The sensor insertion and removal procedures are performed by a health care provider. The Eversense CGM System is a prescription device; patients should talk to their health care provider to learn more. For important safety information, see https://eversensediabetes.com/safety-info/.

About Senseonics

Senseonics Holdings, Inc. is a medical technology company focused on the design, development and commercialization of transformational glucose monitoring products designed to help people with diabetes confidently live their lives with ease. Senseonics' CGM systems, Eversense^® and Eversense^® XL, include a small sensor inserted completely under the skin that communicates with a smart transmitter worn over the sensor. The glucose data are automatically sent every 5 minutes to a mobile app on the user's smartphone.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210106005823/en/

FAQ

What equity grants did Senseonics announce on January 5, 2021?

Senseonics announced equity grants totaling 22,000 stock options and 280,000 restricted stock units to four new non-executive employees.

What is the exercise price for the stock options granted by Senseonics?

The exercise price for the stock options is $0.95 per share.

What is the significance of the 2019 Inducement Plan for Senseonics?

The 2019 Inducement Plan allows Senseonics to grant equity awards to retain and attract new talent.

How does the vesting schedule work for the granted shares?

The options vest 25% on the first anniversary of the employee’s start date, with the remainder vesting monthly over three years.

What is the Eversense CGM System related to Senseonics?

The Eversense CGM System is a long-term, implantable glucose monitoring system for people with diabetes.