LENSAR Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

LENSAR, Inc. (Nasdaq: LNSR) has announced the granting of stock options to two newly-hired non-executive employees as inducement awards. These options, approved by a majority of independent board members, allow the purchase of a total of 875 shares of the Company's common stock. The grants, made on October 1, 2024, comply with Nasdaq Listing Rule 5635(c)(4).

Key details of the stock options include:

• Exercise price: $4.40 per share (equal to the closing price on the grant date)
• Vesting schedule: 25% after one year, followed by 36 monthly installments
• Term: 10 years
• Subject to LENSAR's 2024 Employment Inducement Incentive Award Plan

Positive

• Stock options granted as inducement awards may help attract and retain new talent
• The exercise price of $4.40 per share aligns with the current market value of LENSAR's stock

Negative

• Potential dilution of existing shareholders' equity due to the issuance of new stock options

ORLANDO, Fla., Oct. 01, 2024 (GLOBE NEWSWIRE) -- LENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or the “Company”) today announced that a majority of the independent members of LENSAR’s board of directors granted two newly-hired non-executive employees stock options to purchase an aggregate of 875 shares of the Company’s common stock. The options were granted as of October 1, 2024, as inducements material to each employee entering into employment with the Company. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $4.40 per share, which is equal to the closing price of the Company’s common stock on the grant date. The options vest as to 25% of the total amount of the award on the one-year anniversary of the grant date and in thirty-six substantially equal monthly installments thereafter, subject to the new employee’s continued service with the company. Each stock option has a 10-year term. The options are subject to the terms and conditions of LENSAR’s 2024 Employment Inducement Incentive Award Plan and a stock option agreement covering the grant.

About LENSAR

LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the cataract procedure. LENSAR has developed its next-generation ALLY^® Adaptive Cataract Treatment System, the first platform to integrate proprietary imaging and software, with an extremely fast dual-pulse femtosecond laser in a compact, highly ergonomic system. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced technologies with the ability to perform the entire procedure in an operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline^® software technology, designed to guide surgeons to achieve better outcomes.

Contacts:		Lee Roth / Cameron Radinovic
Thomas R. Staab, II, CFO		Burns McClellan for LENSAR
ir.contact@lensar.com		lroth@burnsmc.com / cradinovic@burnsmc.com

FAQ

How many shares of LENSAR (LNSR) stock were granted as options on October 1, 2024?

LENSAR granted stock options to purchase an aggregate of 875 shares of the Company's common stock on October 1, 2024.

What is the exercise price of the LENSAR (LNSR) stock options granted on October 1, 2024?

The exercise price of the stock options granted by LENSAR on October 1, 2024, is $4.40 per share, equal to the closing price of the Company's common stock on the grant date.

What is the vesting schedule for the LENSAR (LNSR) stock options granted on October 1, 2024?

The stock options vest 25% of the total amount on the one-year anniversary of the grant date and in 36 substantially equal monthly installments thereafter, subject to the employee's continued service with LENSAR.

Under which Nasdaq rule were the LENSAR (LNSR) stock options granted on October 1, 2024?

The stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4), which allows for inducement grants to new employees.