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Sientra Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
SANTA BARBARA, Calif., Dec. 10, 2018 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) (“Sientra” or the “Company”), a medical aesthetics company, today announced that on December 5, 2018, the Compensation Committee of the Board of Directors approved equity award grants under the Sientra Inc. Inducement Plan to 31 new employees, including to 22 new employees at the Company’s miraDry subsidiary.
The new employees were granted restricted stock units representing a total of 62,209 shares of common stock. The restricted stock units will vest in three equal annual installments. In each case, the vesting of shares is contingent upon the recipient’s continued service with the Company through each vesting date.
The grants were made as an inducement that was a material component of each person’s compensation and subsequent acceptance of employment with the Company or joining Sientra’s miraDry subsidiary, and were granted as employment inducement awards pursuant to NASDAQ Listing Rule 5635(c)(4) approved by the Compensation Committee.
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including BIOCORNEUM®, the professional choice in scar management, and miraDry, the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors.
Sientra, Chief Financial Officer