EDEN PRAIRIE, Minn., July 01, 2021 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (NASDAQ: NUWE), today announced that, effective June 30, 2021, the Compensation Committee of the Board of Directors approved an equity award to George Montague under Nuwellis’ 2021 Inducement Plan, as a material inducement to Mr. Montague entering into employment with the company as its Chief Financial Officer and Treasurer. The equity award was 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 Nuwellis, Inc., Mr. Montague, who was not previously an employee or director of Nuwellis, received an option to purchase an aggregate of 62,535 shares of the Company’s common stock. The option award has an exercise price of $4.20 per share, the closing price of Nuwellis’ common stock on June 30, 2021, the date of the grant. The option has a ten-year term and vests over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided Mr. Montague’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in Mr. Montague’s option agreement.
About Nuwellis
Nuwellis, Inc. (Nasdaq:NUWE) is a medical device company dedicated to changing the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company is focused on developing, manufacturing, and commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is a Delaware corporation headquartered in Minneapolis, Minnesota with a wholly owned subsidiary in Ireland. The company has been listed on the Nasdaq Capital Market since February 2012.
About the Aquadex SmartFlow System
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.