Ocular Therapeutix™ Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ocular Therapeutix (NASDAQ:OCUL), a biopharmaceutical company focused on developing therapies for eye diseases, has announced inducement awards for its new Senior Vice President and Chief of Staff, Chad Clatterbaugh. The awards, granted under Ocular's 2019 Inducement Stock Incentive Plan, include:

1. A non-statutory stock option to purchase 110,000 shares of Ocular's common stock, vesting over four years.

2. A restricted stock unit award for 36,666 shares, vesting over three years.

These awards are designed to incentivize Mr. Clatterbaugh's employment and are subject to his continued service with Ocular. The grants comply with Nasdaq Listing Rule 5635(c)(4) and were effective as of July 12, 2024.

Positive

• Appointment of a new Senior Vice President and Chief of Staff, indicating potential for strategic growth
• Implementation of equity-based incentives to attract and retain key talent

Negative

• Potential dilution of existing shareholders due to new stock options and restricted stock units

BEDFORD, Mass., July 18, 2024 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ:OCUL) (“Ocular”), a biopharmaceutical company committed to enhancing people’s vision and quality of life through the development and commercialization of innovative therapies for wet age-related macular degeneration (wet AMD), diabetic retinopathy, and other diseases and conditions of the eye, today announced that it has agreed to grant inducement awards to its newly appointed Senior Vice President, Chief of Staff, Chad Clatterbaugh. The awards were made as inducements material to Mr. Clatterbaugh’s acceptance of employment with Ocular under Ocular’s 2019 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Clatterbaugh’s inducement awards were granted effective as of July 12, 2024. Mr. Clatterbaugh’s inducement awards consist of (i) a non-statutory stock option to purchase up to 110,000 shares of Ocular’s common stock at a per share exercise price equal to the closing price of Ocular’s common stock on The Nasdaq Global Market on July 12, 2024, and (ii) a restricted stock unit award representing the right to receive 36,666 shares of Ocular’s common stock. The stock option has a ten-year term and is scheduled to vest over four years, with 25% of the original number of shares vesting on the one-year anniversary of the recipient’s employment commencement date and the remainder vesting in equal monthly installments over the three years thereafter, subject to Mr. Clatterbaugh’s continued service to Ocular through the applicable vesting dates. The restricted stock unit award is scheduled to vest over three years, in equal annual installments, beginning on the recipient’s employment commencement date and subject to his continued service to Ocular through the applicable vesting dates.   

The inducement equity awards are subject to the terms and conditions of the award agreements covering the grants and Ocular’s 2019 Inducement Stock Incentive Plan.

About Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc. is a biopharmaceutical company committed to enhancing people’s vision and quality of life through the development and commercialization of innovative therapies for wet age-related macular degeneration (wet AMD), diabetic retinopathy (DR), and other diseases and conditions of the eye. AXPAXLI™ (axitinib intravitreal implant, also known as OTX-TKI), Ocular’s product candidate for retinal disease, is based on its ELUTYX™ proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently in a Phase 3 clinical trial for wet AMD. The clinical portfolio also includes PAXTRAVA™ (travoprost intracameral implant, also known as OTX-TIC), currently in a Phase 2 clinical trial for the treatment of open-angle glaucoma or ocular hypertension.

Ocular’s expertise in the formulation, development and commercialization of innovative therapies of the eye and the ELUTYX platform supported the development and launch of its first commercial drug product, DEXTENZA®, an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis.

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The Ocular Therapeutix logo and DEXTENZA® are registered trademarks of Ocular Therapeutix, Inc. AXPAXLI™, PAXTRAVA™, ELUTYX™, and Ocular Therapeutix™ are trademarks of Ocular Therapeutix, Inc.

Investors & Media
Ocular Therapeutix, Inc.
Bill Slattery
Vice President, Investor Relations
bslattery@ocutx.com    

FAQ

What inducement awards did Ocular Therapeutix (OCUL) grant to Chad Clatterbaugh on July 12, 2024?

Ocular Therapeutix granted Chad Clatterbaugh a non-statutory stock option to purchase 110,000 shares of common stock and a restricted stock unit award for 36,666 shares, both vesting over time and subject to continued service.

How long is the vesting period for the stock options granted by Ocular Therapeutix (OCUL) to its new SVP?

The stock options granted to Chad Clatterbaugh have a four-year vesting period, with 25% vesting after one year and the remainder vesting in equal monthly installments over the following three years.

What is the purpose of the inducement awards given by Ocular Therapeutix (OCUL) to Chad Clatterbaugh?

The inducement awards were granted as material incentives for Chad Clatterbaugh to accept employment with Ocular Therapeutix as the new Senior Vice President and Chief of Staff.

Under which plan were the inducement awards granted by Ocular Therapeutix (OCUL) on July 12, 2024?

The inducement awards were granted under Ocular Therapeutix's 2019 Inducement Stock Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).