Senseonics (NYSE:SENS) announced today that it made equity grants to new employees under its 2019 inducement plan.
The Germantown, Maryland-based long-term continuous glucose monitor (CGM) maker made these grants in accordance with NYSE requirements.
On April 4, 2023, Senseonics granted 13 new non-executive employees non-qualified stock options. These options enable the employees to purchase an aggregate of 200,000 shares. The employees may also purchase a restricted stock unit for 250,000 shares of common stock as an inducement to join the company.
According to a news release, the options have an exercise price of $0.5951 per share. That marks Senseonics’ common stock’s closing price on April 4. The company said that 25% of the shares underlying the options vest on the first anniversary of the employee’s start date. The remainder vest in monthly installments over the subsequent three-year period. In all cases, these remain contingent on the employee’s continued service with Senseonics at the applicable vesting date.
Senseonics said that 25% of shares underlying the restricted unit vest on the first anniversary of the employee’s start date. The remainder vest in six equal installments each on May 15 and Nov. 15. That covers the subsequent 36-month period following the first anniversary of the start date, beginning with May 15, 2024. Again, it remains subject to continuous employment through the applicable vesting date.
This marks the third time in the past year that Senseonics announced equity grants under the 2019 inducement plan. The company offered grants to 17 non-executive employees in July 2022, followed by six non-executives in October 2022.