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

Rhea-AI Summary

On September 16, 2021, Ocugen approved the grant of stock options for 137,250 shares and restricted stock units (RSUs) for 23,000 shares to seven employees as inducements for employment. The stock options have a ten-year term with an exercise price of $7.54, set at the common stock's closing price on the grant date. Both the stock options and RSUs vest over three years, contingent on the employees' continued service. These grants are in accordance with Nasdaq Listing Rule 5635(c)(4) and were issued outside of Ocugen's 2019 Equity Incentive Plan.

Positive

• Approval of stock options and RSUs could enhance employee retention and motivation.
• Stock options granted at market price may align employee interests with shareholder value.

Negative

• None.

MALVERN, Pa., Sept. 17, 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 137,250 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 23,000 shares of common stock to seven hired employees. The stock options and RSUs were granted as of September 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 $7.54 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. 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

FAQ

What stock options were granted by Ocugen on September 16, 2021?

Ocugen granted stock options to purchase 137,250 shares and RSUs covering 23,000 shares to seven employees.

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

The exercise price for the stock options is $7.54 per share.

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

The stock options have a term of ten years.

Are the stock options and RSUs part of Ocugen's 2019 Equity Incentive Plan?

No, the stock options and RSUs were granted outside of Ocugen's 2019 Equity Incentive Plan.

What are the vesting conditions for the stock options and RSUs granted by Ocugen?

They vest in equal annual installments over three years, starting one year after the grant date.