Cyberonics Reports Inducement Equity Award Under NASDAQ Listing Rule 5635(c)(4)
HOUSTON, Sept. 16, 2013 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX) today announced, as required under NASDAQ Listing Rule 5635(c)(4), that, at a meeting conducted on September 15, 2013, the Compensation Committee of its Board of Directors approved an award from its Amended and Restated New Employee Equity Inducement Plan of 4,492 shares of restricted stock and an option to purchase 9,972 shares of its common stock for $51.53 per share, the closing price of the company's stock on September 13, 2013, to Rohan J. Hoare, the company's new Senior Vice President, Strategic Planning. All shares of the restricted stock award will vest on September 15, 2016. Twenty-five percent of the shares subject to the stock option award will vest on each of the first four anniversaries of September 15, 2013.
About Cyberonics, Inc. and the VNS Therapy® System
Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation. The company developed and markets the VNS Therapy System, which is FDA-approved for the treatment of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses an implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics and the VNS Therapy System is available at www.cyberonics.com.
Greg Browne, CFO
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
SOURCE Cyberonics, Inc.