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BRANFORD, Conn., Jan. 10, 2011 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM), announced that on January 7, 2011, the Compensation Committee of its Board of Directors granted an inducement option grant and an inducement restricted stock grant to Mr. Matthew J. Herwig as a component of his employment compensation. This press release is being made pursuant to NASDAQ Listing Rule 5635(c)(4) related to inducement grants. CASMED previously announced that Mr. Herwig has been appointed Vice President of Sales and Marketing.
Mr. Herwig was most recently Vice President of U.S. Marketing for Energy Based Devices at Covidien Healthcare (formerly Tyco Healthcare), a leading global healthcare products company. He had previously held the positions of Director of Global Marketing – Imaging Solutions/Pharmaceuticals, Director of U.S. Marketing – Imaging Solutions, Vice President of Marketing and Sales Training – Nellcor, all during his tenure at Covidien. Prior to those senior leadership positions, Mr. Herwig held various marketing and sales positions for Mallinckrodt, which was purchased by Covidien Healthcare. In addition he worked for Computerized Medical Systems, an Elekta Company, where he was the Vice President of Marketing and North America Sales, and Ethicon, Inc., a Johnson & Johnson Company.
Mr. Herwig is a graduate of Southeast Missouri State University, and is a candidate for an M.B.A. at Webster University.
CASMED is today filing a Form 8-K related to the employment of Mr. Herwig. Please refer to that filing for a full description of the related employment agreement and stock option and restricted stock grants.
The Compensation Committee of the CASMED Board of Directors approved the issuance to Mr. Herwig of:
an inducement option to purchase up to 150,000 shares of CASMED common stock. The exercise price of this option is equal to the closing price of the common stock on January 7, 2011 ($3.16). One-fourth of the option shares vest upon the first anniversary of the grant date, with the remainder vesting in equal monthly installments over the following thirty-six months. The option expires after a term of ten years from the date of grant.
an inducement restricted stock grant of 25,000 shares. One-fourth of the restricted shares vest upon the first anniversary of the grant date, with the remainder vesting in equal quarterly installments on the first day of the following twelve calendar quarters.
The aforementioned grants also accelerate upon a change in control of CASMED.