TransEnterix Announces New Employment Inducement Grant

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--TransEnterix, Inc. (NYSE American: TRXC), a medical device company that is digitizing the interface between the surgeon and the patient to improve minimally invasive surgery, today announced that in connection with the appointment of Shameze Rampertab as the Company’s Executive Vice President and Chief Financial Officer effective August 24, 2020, the Compensation Committee of the Company’s Board of Directors granted the following inducement grants to Mr. Rampertab:

• Non-qualified stock options to acquire 150,000 shares of the Company’s common stock at an exercise price per share of $0.42, which was equal to the closing price on August 24, 2020, Mr. Rampertab’s first day of employment. The stock options vest one-third annually on each of April 24, 2021, 2022 and 2023.
• 30,000 time-based restricted stock units (“RSUs”). The time-based RSUs will vest over three years, one-third each year on July 1, 2021, 2022 and 2023
• 20,000 performance-based RSUs. The performance-based RSUs (the “PRSUs”) will have time-based vesting over three years, one-third each year on July 1, 2021, 2022, and 2023 and are also subject to vesting upon the achievement of a delineated performance goal.

These inducement grants were made outside of the stockholder-approved incentive compensation plan per NYSE American Company Guide Section 711(a). All information in this press release was previously disclosed in a Form 8-K filed with the Securities and Exchange Commission on August 13, 2020.

About TransEnterix

At TransEnterix, Inc., we are digitizing the interface between the surgeon and the patient to improve minimally invasive surgery (MIS) through a new category of care called Digital Laparoscopy. Digitizing the interface enables the use of advanced capabilities like augmented intelligence, connectivity, and robotics in laparoscopy, and allows us to address the current clinical, cognitive and economic shortcomings in surgery. The system features the first machine vision system for use in robotic surgery which is powered by the new intelligent Surgical Unit (ISU) that enables augmented intelligence in surgery. The Senhance® Surgical System brings the benefits of Digital Laparoscopy to patients around the world while staying true to the principles of value-based healthcare. Learn more about Digital Laparoscopy with the Senhance Surgical System here: https://Senhance.com/. Now available for sale in the US, the EU, Japan, and select other countries. For a complete list of indications for use, please visit https://www.transenterix.com/indications-for-use/.