Oyster Point Pharma, Inc., Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Oyster Point Pharma (Nasdaq: OYST) announced the grant of inducement stock options for 14,400 shares to seven new employees as part of its 2021 Inducement Incentive Plan. Each option has an exercise price of $8.08, equivalent to the closing price on the grant date. Options will vest over four years, based on continued service. This approval aligns with Nasdaq Listing Rule 5635(c)(4) and emphasizes Oyster Point's focus on attracting talent in the biopharmaceutical sector, which is crucial for its ongoing development and commercialization of therapies for ophthalmic diseases.

Positive

• Inducement of stock options reflects a strategic effort to attract talent.
• Stock options granted align with the company's growth and retention strategy.

Negative

• None.

PRINCETON, N.J., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Oyster Point Pharma, Inc., (Nasdaq: OYST), (“Oyster Point Pharma”, or “the Company”), a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases, today announced that the Compensation Committee of the Company’s Board of Directors granted inducement non-qualified stock options to purchase an aggregate of 14,400 shares of common stock to seven new employees, pursuant to the Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan.

Each stock option has an exercise price equal to $8.08 per share, Oyster Point Pharma’s closing trading price on the grant date, and will vest over four years, with 1/4^th of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and 1/36^th of the remaining underlying shares vesting on each monthly anniversary thereafter, subject to the new employees’ continued service relationship with Oyster Point Pharma through the applicable vesting dates.

The Compensation Committee of Oyster Point Pharma's Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

About Oyster Point Pharma, Inc.

Oyster Point Pharma is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases. In October 2021, Oyster Point Pharma received FDA-approval for its first prescription treatment. Oyster Point Pharma has a growing pipeline of clinical and pre-clinical programs and continues to expand its research and development pipeline through internal innovation and external collaborations. Oyster Point Pharma is continuously striving to advance breakthrough science and deliver therapies seeking to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them. For more information, visit www.oysterpointrx.com and follow @OysterPointRx Twitter and LinkedIn.

Investor Contact
Arty Ahmed
(646) 436-4702
aahmed@oysterpointrx.com

Media Contact
Karen Castillo-Paff
(347) 920-0248
kpaff@oysterpointrx.com

FAQ

What stock options were granted by Oyster Point Pharma on November 2, 2022?

Oyster Point Pharma granted inducement stock options for 14,400 shares to seven new employees.

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

The exercise price for the granted stock options is $8.08 per share.

How long is the vesting period for the stock options at Oyster Point Pharma?

The stock options vest over four years, with a portion vested annually and monthly.

What company policy supports the stock option grant at Oyster Point Pharma?

The grants were approved under the 2021 Inducement Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).