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 innovative therapies for retinal diseases and other eye conditions, has announced inducement awards for its newly appointed Chief Legal Officer, Todd D.C. Anderman. The awards, granted under Ocular's 2019 Inducement Stock Incentive Plan, include:

1. Non-statutory stock options to purchase up to 296,500 shares of Ocular's common stock at the closing price on October 7, 2024. These options have a ten-year term and vest over four years.

2. Restricted stock unit awards representing 98,700 shares of Ocular's common stock, vesting over three years in equal annual installments.

These inducement equity awards are subject to Mr. Anderman's continued service with Ocular and the terms of the 2019 Inducement Stock Incentive Plan.

Positive

• Appointment of a new Chief Legal Officer, indicating organizational growth
• Granting of substantial equity awards to attract and retain top talent

Negative

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

BEDFORD, Mass., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ:OCUL, “Ocular”), a biopharmaceutical company committed to improving vision in the real world through the development and commercialization of innovative therapies for retinal diseases and other eye conditions, today announced that it has agreed to grant inducement awards to its newly appointed Chief Legal Officer, Todd D.C. Anderman. The awards were made as inducements material to Mr. Anderman’s acceptance of employment with Ocular under Ocular’s 2019 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Anderman’s inducement equity awards were granted effective as of October 7, 2024. Mr. Anderman’s inducement equity awards consist of (i) non-statutory stock options to purchase up to 296,500 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 the effective date of grant, and (ii) restricted stock unit awards representing the right to receive 98,700 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. Anderman’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 October 7, 2024, 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 improving vision in the real world through the development and commercialization of innovative therapies for retinal diseases and other eye conditions. 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 Phase 3 clinical trials for wet age-related macular degeneration (wet AMD).

Ocular’s pipeline also leverages the ELUTYX technology in its commercial product DEXTENZA ®, an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis, and in its product candidate PAXTRAVA™ (travoprost intracameral implant or OTX-TIC), which has completed a Phase 2 clinical trial for the treatment of open-angle glaucoma or ocular hypertension.

Follow Ocular on its website, LinkedIn or X.

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 its new Chief Legal Officer?

Ocular Therapeutix granted Todd D.C. Anderman non-statutory stock options to purchase up to 296,500 shares of common stock and restricted stock unit awards representing 98,700 shares of common stock.

When do the stock options granted by Ocular Therapeutix (OCUL) vest?

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

How do the restricted stock units granted by Ocular Therapeutix (OCUL) vest?

The restricted stock units vest over three years in equal annual installments, beginning on October 7, 2024.

What is the exercise price for the stock options granted by Ocular Therapeutix (OCUL)?

The exercise price is equal to the closing price of Ocular's common stock on The Nasdaq Global Market on October 7, 2024, the effective date of grant.