GOLETA, Calif.--(BUSINESS WIRE)--
. (Nasdaq: ), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced that, effective March 4, 2024, the Compensation Committee of Inogen’s Board of Directors approved awards of restricted stock units as material inducement to Michael Bourque entering into employment with the company to serve as its Executive Vice President, Chief Financial Officer and Treasurer. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
In connection with entering into employment with Inogen, Mr. Bourque, who was not previously an employee or director of Inogen, received equity awards of restricted stock units covering an aggregate of 150,000 shares of Inogen’s common stock, comprised of (i) 75,000 time-based restricted stock units (“RSUs”) and (ii) 75,000 performance-based restricted stock units (“PSUs”); provided, overachievement of the performance goals may result in Mr. Bourque receiving up to a maximum of 150,000 PSUs. Subject to Mr. Bourque’s continued service with Inogen, one-third of the RSUs will vest annually over three years. Subject to Mr. Bourque’s continued service with Inogen, the PSUs will vest based on Inogen’s achievement of specified performance goals. The awards were granted pursuant to stand-alone inducement award agreements outside of the company’s 2023 Equity Incentive Plan but are generally subject to the same terms and conditions that apply to awards granted under the company’s 2023 Equity Incentive Plan.
About Inogen
Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its oxygen therapy products widely available allowing patients the chance to remain ambulatory while managing the impact of their disease.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks related to its announced management and organizational changes, and risks arising from the possibility that Inogen will not realize anticipated future financial performance or strategic goals. In addition, Inogen's business is subject to numerous additional risks and uncertainties, including, among others, risks relating to market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; interruptions or delays in the supply of components or materials for, or manufacturing of, its products; seasonal variations; unanticipated increases in costs or expenses; risks associated with international operations; and the possibility that Inogen will not realize anticipated revenue from recent or future technology acquisitions or that expenses and costs related thereto will exceed Inogen’s expectations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2023 and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.
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