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Opus Genetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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Opus Genetics (Nasdaq: IRD) announced that its Board of Directors has approved an equity award for Dr. Benjamin Yerxa, Ph.D., the Company's newly appointed President, under the 2021 Inducement Plan. Dr. Yerxa received a time-based restricted stock unit award of 332,800 shares, which will vest in four equal annual installments from 2025 to 2028. Dr. Yerxa previously served as CEO and President of the predecessor company before its acquisition in October 2024. The award was approved in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement to his employment, effective November 7, 2024.

Opus Genetics (Nasdaq: IRD) ha annunciato che il suo Consiglio di Amministrazione ha approvato un premio azionario per il Dr. Benjamin Yerxa, Ph.D., il nuovo Presidente dell'azienda, nell'ambito del Piano di Induzione 2021. Il Dr. Yerxa ha ricevuto un premio di unità azionaria vincolata basata sul tempo di 332.800 azioni, che maturerà in quattro rate annuali uguali dal 2025 al 2028. Prima di questo incarico, il Dr. Yerxa ha ricoperto il ruolo di CEO e Presidente della società predecessore prima della sua acquisizione nell'ottobre 2024. Il premio è stato approvato in conformità con la Regola di quotazione Nasdaq 5635(c)(4) come incentivo materiale per il suo impiego, con effetto dal 7 novembre 2024.

Opus Genetics (Nasdaq: IRD) anunció que su Junta Directiva ha aprobado un premio de capital para el Dr. Benjamin Yerxa, Ph.D., el recién nombrado presidente de la empresa, bajo el Plan de Inducción 2021. El Dr. Yerxa recibió un premio de unidades de acciones restringidas basadas en el tiempo de 332.800 acciones, que se liberarán en cuatro cuotas anuales iguales desde 2025 hasta 2028. El Dr. Yerxa se desempeñó anteriormente como CEO y presidente de la empresa predecessora antes de su adquisición en octubre de 2024. El premio fue aprobado de acuerdo con la Regla de cotización Nasdaq 5635(c)(4) como un incentivo material para su empleo, con efecto desde el 7 de noviembre de 2024.

Opus Genetics (Nasdaq: IRD)는 이사회를 통해 새로 임명된 사장 벤자민 예르카 박사(Ph.D.)에게 2021년 유인 계획에 따른 주식 보상을 승인했다고 발표했습니다. 예르카 박사는 332,800주의 시간 기반 제한 주식 단위 보상을 받았습니다, 이는 2025년부터 2028년까지 4회의 동등한 연간 할당으로 배분됩니다. 예르카 박사는 2024년 10월 인수되기 전, 전 임원회사에서 CEO 및 사장으로 재직한 바 있습니다. 이 보상은 Nasdaq 상장 규칙 5635(c)(4)에 따라 그의 고용을 위한 중요한 유인책으로 승인되었으며, 2024년 11월 7일부터 효력이 발생합니다.

Opus Genetics (Nasdaq: IRD) a annoncé que son conseil d'administration a approuvé une attribution d'actions pour le Dr Benjamin Yerxa, Ph.D., le nouveau président de l'entreprise, dans le cadre du Plan d'incitation 2021. Le Dr Yerxa a reçu une attribution d'unités d'actions restreintes basées sur le temps de 332.800 actions, qui seront acquises en quatre versements annuels égaux entre 2025 et 2028. Le Dr Yerxa a précédemment occupé le poste de PDG et de président de l'entreprise précédente avant son acquisition en octobre 2024. Cette attribution a été approuvée conformément à la règle de cotation Nasdaq 5635(c)(4) en tant qu'incitation matérielle à son emploi, prenant effet à partir du 7 novembre 2024.

Opus Genetics (Nasdaq: IRD) gab bekannt, dass der Vorstand eine Aktienauszeichnung für Dr. Benjamin Yerxa, Ph.D., den neu ernannte Präsidenten des Unternehmens, im Rahmen des Induktionsplans 2021 genehmigt hat. Dr. Yerxa erhielt eine zeitbasierte eingeschränkte Aktienzuteilung von 332.800 Aktien, die in vier gleichen jährlichen Raten von 2025 bis 2028 fällig wird. Dr. Yerxa war zuvor CEO und Präsident des Vorgängerunternehmens vor dessen Übernahme im Oktober 2024. Die Auszeichnung wurde gemäß der Nasdaq-Listing-Regel 5635(c)(4) als wesentliche Anreiz für seine Beschäftigung genehmigt, mit Wirkung vom 7. November 2024.

Positive
  • Successful recruitment of experienced executive (former CEO) maintaining leadership continuity post-acquisition
  • Long-term executive retention strategy with 4-year vesting schedule
Negative
  • Potential shareholder dilution from 332,800 new restricted stock units

Insights

This inducement grant represents a standard executive compensation package, with 332,800 restricted stock units vesting over 4 years. The time-based vesting schedule aligns with typical market practices for executive retention. Dr. Yerxa's transition from the acquired company to the new entity shows continuity in leadership, which can be positive for integration efforts following the October 2024 acquisition. However, the RSU grant alone, while material to the executive, is a routine corporate governance matter that doesn't significantly impact the company's financial position or market outlook.

FARMINGTON HILLS, Mich., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Opus Genetics, Inc. (Nasdaq: IRD), a clinical-stage ophthalmic biopharmaceutical company developing therapies to treat patients with inherited retinal diseases (IRDs) and therapies to treat patients with other ophthalmological disorders (the “Company”), today announced that the independent members of its Board of Directors approved an equity award under the Company’s 2021 Inducement Plan, as amended, as a material inducement to Dr. Benjamin Yerxa, Ph.D., the Company’s newly appointed President, in connection with his employment with the Company, effective November 7, 2024. The equity award was approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of any equity awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with the Company, Dr. Yerxa, who was not a previous employee or director of the Company but who did previously serve as Chief Executive Officer and President of the predecessor company, Opus Genetics, Inc., prior to its acquisition by the Company in October 2024, received a time-based restricted stock unit award with respect to 332,800 shares of the Company’s common stock, which award is scheduled to vest in four equal annual installments on each of October 22, 2025, 2026, 2027 and 2028, contingent on Dr. Yerxa’s continued service with the Company through each vesting date and subject to acceleration upon the occurrence of certain events as set forth in his employment agreement.

About Opus Genetics

The Company is a clinical-stage ophthalmic biopharmaceutical company developing therapies to treat patients with inherited retinal diseases and therapies to treat patients with other retinal and refractive disorders. The pipeline includes adeno-associated virus-based gene therapies that address mutations in genes that cause different forms of bestrophinopathy, Leber congenital amaurosis and retinitis pigmentosa. The company’s most advanced gene therapy program is designed to address mutations in the LCA5 gene, which encodes the lebercilin protein and is currently being evaluated in a Phase 1/2 open-label, dose-escalation trial, with encouraging early data. BEST1 gene therapy is designed to address mutations in the BEST1 gene which is associated with retinal degeneration. We expect that a Phase 1/2 study will be initiated in 2025. The pipeline also includes Phentolamine Ophthalmic Solution 0.75%, a non-selective alpha-1 and alpha-2 adrenergic antagonist to reduce pupil size, and APX3330, a novel small-molecule inhibitor of Ref-1 to slow the progression of non-proliferative diabetic retinopathy. Phentolamine Ophthalmic Solution 0.75% is currently being evaluated in Phase 3 trials for presbyopia and dim (mesopic) light vision disturbances.

For more information, visit https://opusgtx.com/.

Contacts

CorporateInvestor Relations
Nirav Jhaveri
CFO
ir@opusgtx.com
Corey Davis, Ph.D.
LifeSci Advisors
cdavis@lifesciadvisors.com

FAQ

How many restricted stock units did Opus Genetics (IRD) grant to Dr. Benjamin Yerxa?

Opus Genetics granted Dr. Benjamin Yerxa 332,800 restricted stock units, which will vest in four equal annual installments from 2025 to 2028.

When will Dr. Yerxa's restricted stock units from Opus Genetics (IRD) begin vesting?

The restricted stock units will begin vesting on October 22, 2025, with subsequent vestings in 2026, 2027, and 2028.

What was Dr. Yerxa's previous role before joining Opus Genetics (IRD)?

Dr. Yerxa previously served as Chief Executive Officer and President of the predecessor company, Opus Genetics, before its acquisition by the Company in October 2024.

Opus Genetics, Inc.

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Biotechnology
Pharmaceutical Preparations
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United States of America
FARMINGTON HILLS