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

Rhea-AI Summary

LENSAR announced that its board of directors granted stock options to three new non-executive employees. A total of 1,200 shares are available for purchase under these options, which were issued as a hiring inducement. The grant date was July 2, 2024, and the exercise price is set at $4.31 per share, matching the closing stock price on that date. Options will vest 25% after one year from July 1, 2024, with the remaining shares vesting in equal monthly installments over the next three years, contingent on continued employment. Each stock option carries a 10-year term and follows LENSAR's 2024 Employment Inducement Incentive Award Plan.

Positive

• Granting of stock options to attract and retain talent.
• Exercise price set at market value, aligning employee and shareholder interests.
• Options vest over four years, encouraging long-term employee retention.

Negative

• Potential shareholder dilution due to issuance of new shares.
• Stock options may not guarantee improved company performance.

ORLANDO, Fla.--(BUSINESS WIRE)-- LENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or the “Company”) today announced that a majority of the independent members of LENSAR’s board of directors granted three newly-hired non-executive employees stock options to purchase an aggregate of 1,200 shares of the Company’s common stock. The options were granted as of July 2, 2024, as inducements material to each employee entering into employment with the Company. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $4.31 per share, which is equal to the closing price of the Company’s common stock on the grant date. The options vest as to 25% of the total amount of the award on the one-year anniversary of the vesting commencement date of July 1, 2024 and in thirty-six substantially equal monthly installments thereafter, subject to the new employee’s continued service with the company. Each stock option has a 10-year term. The options are subject to the terms and conditions of LENSAR’s 2024 Employment Inducement Incentive Award Plan and a stock option agreement covering the grant.

About LENSAR

LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the cataract procedure. LENSAR has developed its next-generation ALLY^® Adaptive Cataract Treatment System, the first platform to integrate proprietary imaging and software, with an extremely fast dual-pulse femtosecond laser in a compact, highly ergonomic system. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced technologies with the ability to perform the entire procedure in an operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline^® software technology, designed to guide surgeons to achieve better outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240701737677/en/

Contacts:

Thomas R. Staab, II, CFO

ir.contact@lensar.com

Lee Roth / Cameron Radinovic

Burns McClellan for LENSAR

lroth@burnsmc.com / cradinovic@burnsmc.com

Source: LENSAR, Inc.

FAQ

What did LENSAR announce on July 2, 2024?

LENSAR announced the granting of stock options to three newly-hired non-executive employees as an inducement to join the company.

How many shares are included in the LENSAR stock options grant?

The stock options grant includes an aggregate of 1,200 shares.

What is the exercise price for the LENSAR stock options granted on July 2, 2024?

The exercise price for the stock options is $4.31 per share, which was the closing price on the grant date.

When will the LENSAR stock options vest?

The stock options will vest 25% on the one-year anniversary of July 1, 2024. The remaining shares will vest in equal monthly installments over the following three years.

What is the duration of the LENSAR stock options granted?

Each stock option has a 10-year term.

Under which plan were the LENSAR stock options granted?

The stock options were granted under LENSAR's 2024 Employment Inducement Incentive Award Plan.