IRVINE, Calif.--(BUSINESS WIRE)--BIOLASE, Inc. (NASDAQ:BIOL), the world’s leading manufacturer and distributor of dental lasers, today announced that on July 13, 2014, Jeffrey M. Nugent, the Company’s Acting Chief Executive Officer, received options to purchase 172,282 shares of the Company’s common stock with an exercise price of $1.98 per share, the closing price per share on July 10, 2014. In addition, Mr. Nugent received an award of restricted stock units (“RSUs”) with respect to 37,879 shares of the Company’s common stock. One-sixth of the stock options and the RSUs vest immediately, with the remaining five-sixths vesting ratably on a monthly basis over a twelve-month period ending on July 13, 2015, subject to Mr. Nugent’s continued service with the Company through the applicable vesting dates.
The stock options and the RSUs are subject to accelerated vesting upon a change of control, and in connection with certain qualifying terminations of service as specified in Mr. Nugent’s award agreements. The stock options and RSUs were granted outside of the Company’s stockholder-approved equity incentive plan and were approved by the Compensation Committee of the Board of Directors, which is comprised of independent directors, as an inducement material to Mr. Nugent’s entering into employment with the Company, and in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment, CAD/CAM intraoral scanners, and in-office milling machines and 3D printers; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate approximately 300 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 25,000 laser systems. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Google+ at www.google.com/+BIOLASEIrvine, Instagram at www.instagram.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.
BIOLASE® and WaterLase® are registered trademarks of BIOLASE, Inc.