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

Rhea-AI Summary

LENSAR (Nasdaq: LNSR) has granted stock options to three newly-hired non-executive employees as inducement awards. The options, totaling 1,925 shares of common stock, were approved by a majority of independent board members and issued on August 1, 2024. With an exercise price of $5.20 per share, matching the closing price on the grant date, these options have a 10-year term and a vesting schedule of 25% after one year, followed by 36 monthly installments. The grants, made under LENSAR's 2024 Employment Inducement Incentive Award Plan, comply with Nasdaq Listing Rule 5635(c)(4) and aim to attract new talent to the company.

Positive

• Attracting new talent with stock options as employment incentives
• Compliance with Nasdaq listing rules for inducement grants

Negative

• Potential dilution of existing shareholders' equity

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 1,925 shares of the Company’s common stock. The options were granted as of August 1, 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 $5.20 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 grant date 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/20240801634347/en/

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

How many shares of LENSAR (LNSR) stock were granted as options on August 1, 2024?

LENSAR (LNSR) granted stock options for an aggregate of 1,925 shares of common stock to three newly-hired non-executive employees on August 1, 2024.

What is the exercise price of the LENSAR (LNSR) stock options granted on August 1, 2024?

The exercise price of the LENSAR (LNSR) stock options granted on August 1, 2024, is $5.20 per share, equal to the closing price of the Company's common stock on the grant date.

What is the vesting schedule for the LENSAR (LNSR) stock options granted as inducement awards?

The LENSAR (LNSR) stock options vest 25% of the total amount on the one-year anniversary of the grant date, followed by 36 substantially equal monthly installments thereafter, subject to the employee's continued service.

Under which plan were the LENSAR (LNSR) inducement stock options granted?

The LENSAR (LNSR) inducement stock options were granted under the company's 2024 Employment Inducement Incentive Award Plan.