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

Rhea-AI Summary

Anika Therapeutics (NASDAQ: ANIK) announced the granting of non-statutory stock options for 10,428 shares and restricted stock units for 4,699 shares to three new non-executive employees as part of its 2021 Inducement Plan. The options, with an exercise price of $31.50, will vest over three years, contingent upon continued service. The RSUs also vest in three equal installments over the same period. This action was made to incentivize the new hires and did not require stockholder approval.

Positive

• Granting stock options and RSUs to incentivize new employees.
• Stock options have an exercise price equal to the market closing price.

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• None.

BEDFORD, Mass., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today announced that on February 1, 2022, Anika granted non-statutory stock options covering an aggregate of 10,428 shares of common stock (the “Options”) and restricted stock units (the “RSUs”) covering an aggregate of 4,699 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 $31.50, 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. We partner with clinicians to understand what they need most to treat their patients and we develop minimally invasive products that restore active living for people around the world. We are committed to leading in high opportunity spaces within orthopedics, including osteoarthritis pain management, regenerative solutions, soft tissue repair and bone preserving joint technologies. Anika is headquartered in Massachusetts with operations in the United States and Europe. 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
Executive Director, Investor Relations and Corporate Communications
investorrelations@anika.com

FAQ

What stock options did Anika grant in February 2022?

Anika granted non-statutory stock options covering 10,428 shares and restricted stock units for 4,699 shares to three newly hired non-executive employees.

What is the exercise price for Anika's stock options granted in February 2022?

The exercise price for the stock options is $31.50, which is equal to the closing share price on the grant date.

When will Anika's stock options vest?

The stock options will vest in three equal installments over three years, provided the employees maintain continuous service.

Did Anika require stockholder approval for the stock option grants?

No, the grants did not require stockholder approval as they were made under the 2021 Inducement Plan.