Wright Medical Group Inc. (WMGI) announced that Daniel Garen has been named Senior Vice President and Chief Compliance Officer, effective immediately. Garen has more than ten years of corporate legal experience. He has held senior compliance officer positions with Siemens Corporation and Bayer Healthcare. In addition, Garen served as Chief Compliance Officer and Senior Counsel from October 2007 to August 2010 at Siemens Healthcare Sector US, and he most recently held the position of Vice President, Healthcare Policy and Clinical Affairs until January 2012 at Siemens Healthcare Sector US.
Wright Medical also announced that in connection with Garen's appointment as Chief Compliance Officer, and as an inducement to his employment with Wright, the Compensation Committee of its Board of Directors approved the grant of a stock option to Garen to be made on January 30, 2012, to purchase up to 50,000 shares of Wright's common stock at an exercise price of $17.35, which was the closing price of Wright's common stock on the day prior to grant.
The stock option vests and becomes exercisable in four equal, annual installments beginning on the first anniversary of the grant, conditioned on Garen's continued employment. The stock option has a ten year term and is subject to the terms and conditions of the stock option agreement pursuant to which the option was granted.
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