Anika Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Anika Therapeutics (NASDAQ: ANIK), a global joint preservation company, announced on July 16, 2024, that it granted non-statutory stock options to a newly hired non-executive employee on July 1, 2024. The options cover 2,500 shares of common stock at an exercise price of $25.85 per share, matching the closing price on the Nasdaq Global Select Market on the grant date. The grant was made under the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, and approved by the compensation committee. The options will vest over three years, with one-third vesting on each anniversary of the grant date, contingent on continuous service. The options expire after ten years and were granted as a material inducement for employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Granted stock options as a material inducement for new employee, potentially attracting talent
• Options align with market price, promoting fair compensation
• Vesting schedule over three years encourages employee retention

Negative

• None.

BEDFORD, Mass., July 16, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today announced that on July 1, 2024, Anika granted non-statutory stock options (“Options”) covering an aggregate of 2,500 shares of common stock at a per share exercise price of $25.85, which equaled the closing price of common stock on the Nasdaq Global Select Market (“Closing Price”) on the grant date, to one newly hired non-executive employee. The grant was made pursuant to the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, was approved by the compensation committee of the board of directors pursuant to a delegation of authority by the board of directors, and, in accordance with Nasdaq Listing Rule 5635(c)(4), was made as a material inducement to the grantee’s acceptance of employment with Anika as a component of the grantee’s employment compensation.

Of the shares covered by the Options, one-third will vest on each of the first three anniversaries of the grant date, in each case for so long as the grantee provides continuous service to Anika through the relevant vesting date.

Unless earlier terminated in accordance with their terms, the Options will expire on the tenth anniversary of the grant date and are otherwise subject to the terms and conditions of the equity award agreement approved by Anika. The Options were granted pursuant to the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, which was not subject to stockholder approval.

About Anika
Anika Therapeutics, Inc. (NASDAQ: ANIK), is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Leveraging our core expertise in hyaluronic acid and implant solutions, we partner with clinicians to provide minimally invasive products that restore active living for people around the world. Our focus is on high opportunity spaces within orthopedics, including Osteoarthritis Pain Management, Regenerative Solutions, Sports Medicine and Arthrosurface Joint Solutions, and our products are efficiently delivered in key sites of care, including ambulatory surgery centers. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.

ANIKA, ANIKA THERAPEUTICS and the Anika logo are registered trademarks of Anika Therapeutics, Inc.

For Investor Inquiries:
Anika Therapeutics, Inc.
Mark Namaroff, 781-457-9287
Vice President, Investor Relations, ESG and Corporate Communications
investorrelations@anika.com

FAQ

How many shares of common stock were covered by the stock options granted by Anika Therapeutics on July 1, 2024?

Anika Therapeutics granted non-statutory stock options covering 2,500 shares of common stock on July 1, 2024.

What was the exercise price of the stock options granted by ANIK on July 1, 2024?

The exercise price of the stock options granted by Anika Therapeutics (ANIK) was $25.85 per share, equal to the closing price of common stock on the Nasdaq Global Select Market on the grant date.

How do the stock options granted by Anika Therapeutics (ANIK) vest?

The stock options vest over three years, with one-third of the shares vesting on each of the first three anniversaries of the grant date, provided the grantee maintains continuous service with Anika.

Under which plan were the stock options granted by ANIK on July 1, 2024?

The stock options were granted under the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended.