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

Rhea-AI Summary

Anika Therapeutics, a joint preservation company, announced the grant of stock options and restricted stock units to three new non-executive employees on April 1, 2022. A total of 10,662 stock options and 5,024 RSUs were awarded under the 2021 Inducement Plan, approved by the compensation committee. The options have an exercise price of $25.50, aligning with the stock's closing price on the grant date. Vesting occurs in equal installments over three years, contingent on continuous service. These grants do not require shareholder approval.

Positive

• Stock options and RSUs granted promote employee retention and alignment with company performance.
• The exercise price of $25.50 matches the market price, indicating no immediate dilution.

Negative

• None.

BEDFORD, Mass., April 15, 2022 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today announced that on April 1, 2022, Anika granted non-statutory stock options covering an aggregate of 10,662 shares of common stock (the “Options”) and restricted stock units (the “RSUs”) covering an aggregate of 5,024 shares of common stock to 3 newly hired non-executive employees. Each grant was made pursuant to the Anika Therapeutics, Inc. 2021 Inducement Plan, 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.

The Options are exercisable, subject to vesting, at a per share exercise price of $25.50, which equals the closing price of a share of Anika’s common stock on the Nasdaq Global Select Market on the grant date. Of the shares covered by each of 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.

The RSUs will vest in three equal installments, with one-third of the shares covered by each of the RSUs vesting 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 the Options and RSUs are otherwise subject to the terms and conditions of the respective equity award agreements approved by Anika. The Options and RSUs were granted pursuant to the Anika Therapeutics, Inc. 2021 Inducement Plan, 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 soft tissue repair and bone preserving joint technologies, 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, & Corp. Communications
investorrelations@anika.com

FAQ

What stock options were granted to employees at Anika Therapeutics on April 1, 2022?

Anika Therapeutics granted non-statutory stock options covering 10,662 shares and restricted stock units covering 5,024 shares to three new non-executive employees.

What is the exercise price for the stock options granted by Anika Therapeutics?

The stock options granted by Anika Therapeutics have an exercise price of $25.50.

How does the vesting schedule work for the stock options and RSUs at Anika Therapeutics?

The stock options and RSUs vest in equal installments over three years, with one-third vesting each year, contingent upon continuous service.

Do the stock grants at Anika Therapeutics require shareholder approval?

No, the grants were made under the 2021 Inducement Plan and do not require shareholder approval.

What benefits do the stock options and RSUs provide for Anika Therapeutics?

These grants are intended to attract and retain talent while aligning employee interests with company performance.