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

Rhea-AI Summary

LENSAR announced the inducement grants under Nasdaq Listing Rule 5635(c)(4), awarding stock options to three newly-hired non-executive employees. These options, totaling 2,150 shares, were granted as of June 3, 2024, with an exercise price of $4.64 per share, matching the closing price on the grant date. The vesting schedule includes 25% after one year and the remaining shares in equal monthly installments over the next three years. Each option has a 10-year term and is part of LENSAR's 2024 Employment Inducement Incentive Award Plan, subject to a stock option agreement.

Positive

• Stock options granted under Nasdaq Listing Rule 5635(c)(4) can attract and retain talent.
• Exercise price of $4.64 per share aligns with the closing price, potentially fair for employees.
• Vesting schedule ensures long-term employee retention.
• 10-year term provides employees with a significant period to exercise options.

Negative

• No direct financial benefit or revenue increase reported.
• Potential shareholder dilution with the issuance of 2,150 shares.
• Stock options dependent on continued employee service, adding an element of uncertainty.

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 2,150 shares of the Company’s common stock. The options were granted as of June 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 $4.64 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/20240603407994/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

What did LENSAR announce on June 3, 2024?

LENSAR announced the grant of stock options to three newly-hired non-executive employees under Nasdaq Listing Rule 5635(c)(4).

How many shares were granted in the LENSAR inducement grants?

LENSAR granted stock options for a total of 2,150 shares.

What is the exercise price for the LENSAR stock options granted on June 3, 2024?

The exercise price for the stock options is $4.64 per share.

What is the vesting schedule for LENSAR's stock options granted on June 3, 2024?

The stock options vest 25% after one year, with the remaining shares vesting in equal monthly installments over the next three years.

What is the term length for the stock options granted by LENSAR?

Each stock option has a 10-year term.

What rule does LENSAR comply with in granting these stock options?

LENSAR complies with Nasdaq Listing Rule 5635(c)(4) in granting these stock options.