IRVINE, Calif.--(BUSINESS WIRE)--BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today announced that on March 9, 2015, David C. Dreyer, the Company’s Chief Financial Officer, received options to purchase 871,710 shares of the Company’s common stock with an exercise price of $1.99 per share, the closing price per share on March 9, 2015. Subject to Mr. Dreyer’s continued employment, the stock options shall vest and be exercisable as follows: 130,757 of the option shares shall vest and be exercisable on the one-year anniversary of the Executive’s first date of employment; 10,896 of the option shares shall vest and be exercisable on each one-month anniversary following the one-year anniversary for a period of 35 consecutive months; 10,909 of the option shares shall vest and be exercisable on the 36-month anniversary; and 348,684 option shares shall vest and be exercisable on March 9, 2025.
The stock options are subject to accelerated vesting upon a change of control, and in connection with certain qualifying terminations of service as specified in Mr. Dreyer’s employment agreement. The stock options 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. Dreyer’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 medical device 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. BIOLASE’s products are focused on technologies that advance the practice of dentistry and medicine and offer benefits and value to healthcare professionals and their patients. The Company's proprietary laser products incorporate approximately 250 patented and 100 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 approximately 27,600 laser systems. Laser products under development address the Company’s core dental market and other adjacent 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.