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LENSAR Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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LENSAR, Inc. (Nasdaq: LNSR) announced the grant of stock options to newly-hired non-executive employees, totaling 4,175 shares at an exercise price of $4.70 per share. The options vest over a period of time, subject to continued service, and are part of the 2024 Employment Inducement Incentive Award Plan.
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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 seven newly-hired non-executive employees stock options to purchase an aggregate of 4,175 shares of the Company’s common stock. The options were granted as of March 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 $4.70 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 visually significant 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 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.
How many shares of LENSAR's common stock were granted as stock options to new employees?
A total of 4,175 shares were granted as stock options to new employees.
What is the exercise price of the stock options granted to new employees?
The exercise price of the stock options is $4.70 per share.
How do the stock options vest for the new employees?
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.
What is the term of each stock option granted to new employees?
Each stock option has a 10-year term.
Under which plan were the stock options granted to new employees?
The stock options were granted under LENSAR's 2024 Employment Inducement Incentive Award Plan.
