SOURCE: Insulet Corporation

Insulet Corporation

February 19, 2010 17:19 ET

Insulet Corporation Reports 2009 Inducement Equity Grants Under NASDAQ Marketplace Listing Rule 5635

BEDFORD, MA--(Marketwire - February 19, 2010) - Insulet Corporation (NASDAQ: PODD), the leader in tubing-free insulin pump technology with its OmniPod® Insulin Management System, today announced that last year the Compensation Committee of Insulet's Board of Directors approved a non-qualified stock option award to Brian Roberts, in connection with the commencement of Mr. Roberts' employment as Chief Financial Officer in March 2009, for an aggregate of 180,000 shares of Insulet's common stock at a purchase price equal to the fair market value as of the date of grant, which was $5.11 per share on March 5, 2009. Insulet also announced that last year, the Compensation Committee of Insulet's Board of Directors approved a non-qualified stock option award to Peter Devlin, in connection with the commencement of Mr. Devlin's employment as Chief Commercial Officer in August 2009, for an aggregate of 180,000 shares of Insulet's common stock at a purchase price equal to the fair market value as of the date of grant, which was $8.30 per share on August 17, 2009. In each case, the non-qualified stock options granted to Mr. Roberts and Mr. Devlin will vest over four years with 25% of the total award vesting after one year and the remainder vesting in equal quarterly installments each quarter thereafter for 12 quarters.

Insulet's Compensation Committee, which is solely comprised of independent directors, approved these grants of non-qualified stock options on March 5, 2009 and July 29, 2009, respectively, as inducement grants outside of Insulet's Amended and Restated 2007 Stock Option and Incentive Plan. Each of these grants of non-qualified stock options were entered into as an inducement material to Mr. Roberts' and Mr. Devlin's entering into employment with Insulet. Insulet filed a Form S-8 on February 12, 2010 to register these grants of non-qualified stock options. Insulet is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

About Insulet Corporation

Insulet Corporation is an innovative medical device company dedicated to improving the lives of people with diabetes. The Company's OmniPod Insulin Management System is a revolutionary, discreet and easy-to-use insulin infusion system that features two easy-to-use parts with no tubing and fully-automated cannula insertion. Through the OmniPod System, Insulet seeks to expand the use of continuous subcutaneous insulin infusion (CSII) therapy among people with insulin-dependent diabetes. Founded in 2000, Insulet is based in Bedford, MA.

Contact Information

  • Contact:
    Stephanie Marks for Insulet Corporation
    Email Contact
    877-PODD-IR1 (877-763-3471)