CLEVELAND, Sept. 17, 2018 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY), maker of the MRIdian, which combines MRI and external-beam radiation therapy to simultaneously image and treat cancer patients, today announced grants of stock options and restricted stock units to several new officers and employees. These awards were granted as inducements material to entering into employment with ViewRay, in accordance with Nasdaq Listing Rule 5635(c)(4) and as approved by the Compensation Committee of ViewRay's Board of Directors. Below is a brief summary of the awards:
- For Scott Drake, President and Chief Executive Officer, effective July 22, 2018, 1,925,000 stock options with an exercise price of $9.66 per share and 1,155,000 restricted stock units.
- For Shahriar Matin, Chief Operating Officer, effective July 22, 2018, 962,500 stock options with an exercise price of $9.66 per share and 577,500 restricted stock units.
- For three individuals, effective September 17, 2018, a total of 400,000 stock options.
- For one individual, effective October 15, 2018, a total of 150,000 stock options.
These awards are or will be subject to the terms and conditions of ViewRay's 2015 Stock Incentive Plan and their respective award agreements. These terms include service-based vesting requirements, with the stock options vesting over four years and the restricted stock units vesting over three years. All options will have an exercise price equal to the closing trading price of ViewRay's common stock on the effective date.
ViewRay®, Inc. (Nasdaq: VRAY), designs, manufactures and markets the MRIdian® radiation therapy system. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology helping to transform radiation therapy, resulting in improved treatment outcomes that benefit both patients and health care systems around the world. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purposely built to deliver high-precision radiation without unnecessary beam distortion, and consequently, help to mitigate skin toxicity and other safety concerns that may otherwise arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
Forward Looking Statements:
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents ViewRay files with the SEC available at www.sec.gov, including the risk factors disclosed in ViewRay's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
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SOURCE ViewRay, Inc.
Investor Relations: Ajay Bansal, Chief Financial Officer, 1-844-MRIdian (674-3426), Media Enquiries: Michael Saracen, Vice President, Marketing, ViewRay, Inc., Phone: +1 408-242-2994, Email: email@example.com