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

Rhea-AI Summary

LENSAR (Nasdaq: LNSR) has announced the granting of stock options to three newly-hired non-executive employees as inducement awards. The options, totaling 2,425 shares of the Company's common stock, were granted on September 3, 2024, with an exercise price of $4.63 per share, matching the closing price on the grant date. These options vest over four years, with 25% vesting after one year and the remainder in 36 monthly installments, subject to continued employment. The options have a 10-year term and are governed by LENSAR's 2024 Employment Inducement Incentive Award Plan.

Positive

• Attraction of new talent with stock options as incentives
• Alignment of employee interests with company performance through equity 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 2,425 shares of the Company’s common stock. The options were granted as of September 3, 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 $4.63 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 ALLY^® Adaptive Cataract Treatment System as a compact, highly ergonomic system utilizing an extremely fast dual-pulse laser and integrating AI into proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reducing overhead. ALLY includes LENSAR’s proprietary Streamline^® software technology, which is designed to guide surgeons to achieve better outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240904852366/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 options were granted to new employees on September 3, 2024?

LENSAR granted stock options to purchase an aggregate of 2,425 shares of the Company's common stock to three newly-hired non-executive employees on September 3, 2024.

What is the exercise price of the LENSAR (LNSR) stock options granted on September 3, 2024?

The exercise price of the LENSAR stock options granted on September 3, 2024, is $4.63 per share, which is 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 to new employees?

The options vest 25% of the total amount on the one-year anniversary of the grant date and in 36 substantially equal monthly installments thereafter, subject to the new employee's continued service with the company.

What is the term of the LENSAR (LNSR) stock options granted on September 3, 2024?

Each stock option granted by LENSAR on September 3, 2024, has a 10-year term.