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

Rhea-AI Summary

Ocular Therapeutix announced the grant of inducement awards to its newly appointed Director of Statistical Programming, Yong Rao, and three other new employees, under its 2019 Inducement Stock Incentive Plan. The awards comply with Nasdaq Listing Rule 5635(c)(4). Effective July 1, 2024, Mr. Rao received a non-statutory stock option to purchase up to 20,000 shares and a restricted stock unit award for 6,666 shares. The stock options have a ten-year term and vest over four years, while the restricted stock units vest over three years.

Additionally, the three new employees received stock options for up to 38,800 shares and restricted stock unit awards for 12,933 shares. These stock options also have a ten-year term and vest over four years, with the restricted stock units vesting over three years. All awards are contingent on continued service to the company.

Positive

• Grant of inducement awards to new employees may attract and retain talent.
• Stock options and restricted stock units align employee interests with company performance.

Negative

• Potential shareholder dilution from the issuance of new shares.

BEDFORD, Mass., July 08, 2024 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ:OCUL) (“Ocular”, the “Company” ), 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 (i) its newly appointed Director, Statistical Programming, Yong Rao, and (ii) three other newly hired employees. The awards were made as inducements material to each individual’s acceptance of employment with Ocular under Ocular’s 2019 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Rao’s inducement awards were granted effective as of July 1, 2024. Mr. Rao’s inducement awards consist of (i) a non-statutory stock option to purchase up to 20,000 shares of the 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 1, 2024, and (ii) a restricted stock unit award representing the right to receive 6,666 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. Rao’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 to the three other newly hired employees were granted effective as of July 1, 2024 and consist of (i) non-statutory stock options to purchase up to an aggregate of 38,800 shares of the 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 the effective date of grant and (ii) restricted stock unit awards representing the right to receive an aggregate of 12,933 shares of Ocular’s common stock. Each 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 such individual’s continued service to Ocular through the applicable vesting dates. Each restricted stock unit award is scheduled to vest over three years, in equal annual installments, beginning on July 1, 2024, and subject to the recipient’s 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 did Ocular Therapeutix announce on July 8, 2024?

Ocular Therapeutix announced the grant of inducement awards to its newly appointed Director of Statistical Programming and three other new employees.

What stock symbol does Ocular Therapeutix trade under?

Ocular Therapeutix trades under the stock symbol OCUL.

When were the inducement awards granted to Yong Rao effective?

The inducement awards for Yong Rao were effective as of July 1, 2024.

What does Yong Rao's inducement award include?

Yong Rao's inducement award includes a stock option to purchase up to 20,000 shares of common stock and a restricted stock unit award for 6,666 shares.

How many shares can the three new employees of Ocular Therapeutix purchase under the new inducement awards?

The three new employees can purchase up to an aggregate of 38,800 shares under the inducement awards.

What is the vesting schedule for the stock options granted to the new employees of Ocular Therapeutix?

The stock options vest over four years, with 25% vesting on the one-year anniversary of the commencement date and the remainder vesting in equal monthly installments over the next three years.

What is the vesting period for the restricted stock unit awards granted to the new employees of Ocular Therapeutix?

The restricted stock unit awards vest over three years, in equal annual installments.