Ocugen Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ocugen, Inc. (NASDAQ: OCGN) announced the approval of stock options for 150,750 shares and restricted stock units (RSUs) for 25,250 shares to seven new employees as of July 16, 2021. The stock options come with a ten-year term at an exercise price of $6.66 per share, aligning with the closing price on the grant date. Both the options and RSUs will vest in equal annual installments over three years, contingent on continued service. This grant aims to incentivize new talent in line with Nasdaq Listing Rule 5635(c)(4).

Positive

• Approval of stock options for 150,750 shares and RSUs for 25,250 shares to incentivize new employees.
• Stock options have a favorable exercise price of $6.66, matching the closing stock price.

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• None.

MALVERN, Pa., July 16, 2021 (GLOBE NEWSWIRE) -- Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced the Compensation Committee of the Board of Directors of Ocugen approved the grant of stock options to purchase an aggregate of 150,750 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 25,250 shares of common stock to seven new employees. The stock options and RSUs were granted as of July 16, 2021, as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have a ten-year term and have an exercise price of $6.66 per share, which is the closing price of Ocugen’s common stock on the grant date. The stock options and RSUs vest in equal annual installments over a three-year period starting on the one-year anniversary of the grant date, subject to the applicable new employee’s continued service with Ocugen through the applicable vesting dates. The stock options and RSUs were granted outside of Ocugen’s 2019 Equity Incentive Plan.

About Ocugen, Inc.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug — “one to many,” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com.

Cautionary Note on Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. Such forward-looking statements within this press release include, without limitation, the intended use of net proceeds from the registered direct offering. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations, such as market and other conditions. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, after the date of this press release. 

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
IR@Ocugen.com

Please submit investor-related inquiries to: IR@ocugen.com 

 

FAQ

What stock options were approved by Ocugen on July 16, 2021?

Ocugen approved stock options to purchase 150,750 shares and restricted stock units for 25,250 shares to seven new employees.

What is the exercise price for the stock options granted by Ocugen?

The exercise price for the stock options is $6.66 per share, equivalent to Ocugen's closing stock price on the grant date.

How long is the term for the stock options granted by Ocugen?

The stock options have a ten-year term.

When do the stock options and RSUs vest for Ocugen employees?

The stock options and RSUs vest in equal annual installments over a three-year period, starting on the one-year anniversary of the grant date.