Bioject Medical Technologies Inc. (Nasdaq:BJCT), a leading developer of needle-free drug delivery systems, today announced that is has filed a Current Report on Form 8-K with the Securities Exchange Commission describing the terms of the employment agreement with Ralph Makar, the Company's newly appointed President and Chief Executive Officer.
Included in the filing is a description of equity awards to which Mr. Makar is entitled under his employment agreement. These awards are inducement grants made outside of the Company's shareholder approved stock incentive plan. On his first day of employment, he was granted 100,000 restricted stock units and an option to purchase 150,000 shares of common stock at an exercise price of $1.33. Each of these awards vest with respect to one-third of the shares annually. The employment agreement also provides that he is eligible to receive a target of 150,000 restricted stock units with respect to the period from October 1, 2007, to December 31, 2007, based on his achievement of certain milestones during that period and a target of 200,000 restricted stock units with respect to each of calendar years 2008 and 2009 based on his achievement of certain milestones during each of those periods. Any of these subsequent restricted stock unit awards will vest one-third annually. If there is a change in control of the Company, Mr. Makar is entitled to receive a stock bonus of up to a total 650,000 shares, less the number of restricted stock units previously granted under the employment agreement.
Bioject Medical Technologies Inc., based in Portland, Oregon, is an innovative developer and manufacturer of needle-free drug delivery systems. Needle-free injection works by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid penetrating the skin and depositing medication in the tissue beneath. The Company is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies.
For more information on Bioject, visit www.bioject.com.
