Inogen, Inc. reports inducement grants under Nasdaq listing rule

Inogen, Inc. 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, 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 Bourque receiving up to a maximum of 150,000 PSUs. Subject to Bourque’s continued service with Inogen, one-third of the RSUs will vest annually over three years. Subject to 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.
MB Bureau