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

Rhea-AI Summary

Anika Therapeutics (NASDAQ: ANIK) announced the grant of stock options and restricted stock units (RSUs) to newly hired employees as part of its 2021 Inducement Plan. On March 1, 2022, three non-executive employees received NSOs for 9,529 shares at an exercise price of $31.50 and RSUs for 4,280 shares. Additionally, on March 11, 2022, a fourth employee was granted NSOs for 8,029 shares at $25.58, 8,535 shares at $28.14, and RSUs for 7,372 shares. The NSOs vest over three years and expire ten years from the grant date, enhancing employee compensation and retention.

Positive

• Grant of stock options and RSUs aligns employee interests with company performance.
• Attractive exercise prices reflect current market rates, potentially benefiting employees.

Negative

• None.

BEDFORD, Mass., March 15, 2022 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today announced that it granted:

• on March 1, 2022 to three newly hired non-executive employees, (a) non-statutory stock options (“NSOs”) for the exercise of an aggregate of 9,529 shares of common stock at a per share exercise price of $31.50, which equaled the closing price of common stock on the Nasdaq Global Select Market (the “Closing Price”) on the grant date, and (b) restricted stock units (“RSUs”) covering an aggregate of 4,280 shares of common stock; and
• on March 11, 2022 to a fourth newly hired non-executive employee, (a) NSOs for the exercise of 8,029 shares of common stock at a per share exercise price of $25.58, which equaled the Closing Price on the grant date, (b) NSOs for the exercise of 8,535 shares of common stock at a per share exercise price of $28.14, which equaled 110% of the Closing Price on the grant date, and (c) RSUs covering 7,372 shares of common stock.

Of the shares covered by the NSOs and RSUs, one-third will vest on each of the first three anniversaries of the respective grant dates, 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 NSOs will expire on the tenth anniversary of their respective grant dates. The grants are otherwise subject to the terms and conditions of the respective equity award agreements approved by Anika.

Each of the grants was made pursuant to Anika’s 2021 Inducement Plan, was approved by the compensation committee of the board of directors or pursuant to a delegation of authority by the board, 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 2021 Inducement Plan 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 and Corporate Communications
investorrelations@anika.com

FAQ

What stock options did Anika Therapeutics grant on March 1, 2022?

Anika granted non-statutory stock options for 9,529 shares at an exercise price of $31.50 to three new non-executive employees.

What RSUs were granted by Anika Therapeutics on March 1, 2022?

Anika granted restricted stock units covering 4,280 shares to three newly hired non-executive employees on March 1, 2022.

What was the exercise price for the stock options granted on March 11, 2022?

On March 11, 2022, Anika granted stock options with exercise prices of $25.58 and $28.14 to a newly hired employee.

How does the 2021 Inducement Plan affect employee compensation at Anika?

The 2021 Inducement Plan provides non-executive employees with stock options and RSUs as part of their compensation package, which aids in employee retention.