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 retinal diseases and eye conditions, has announced inducement awards for its newly appointed Director of IT Cybersecurity, Russell Isaacs. The awards, granted under Ocular's 2019 Inducement Stock Incentive Plan, include:

1. Non-statutory stock options: 14,000 shares at market price, vesting over four years
2. Restricted stock unit awards: 4,666 shares, vesting over three years

These equity awards are designed to incentivize Mr. Isaacs' employment with Ocular and are subject to his continued service with the company. The grants comply with Nasdaq Listing Rule 5635(c)(4) and were effective as of September 9, 2024.

Positive

• Appointment of a new Director of IT Cybersecurity, potentially strengthening the company's cybersecurity measures
• Implementation of an incentive plan to attract and retain key talent

Negative

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

BEDFORD, Mass., Sept. 12, 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 Director, IT Cybersecurity, Russell Isaacs. The awards were made as inducements material to Mr. Isaacs’ acceptance of employment with Ocular under Ocular’s 2019 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Isaacs’ inducement equity awards were granted effective as of September 9, 2024. Mr. Isaacs’ inducement equity awards consist of (i) non-statutory stock options to purchase up to 14,000 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 the effective date of grant and (ii) restricted stock unit awards representing the right to receive 4,666 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. Isaacs’ 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 August 28, 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.

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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 Russell Isaacs?

Ocular Therapeutix granted Russell Isaacs non-statutory stock options to purchase 14,000 shares and restricted stock unit awards for 4,666 shares of the company's common stock.

When will the stock options granted by Ocular Therapeutix (OCUL) to Russell Isaacs vest?

The stock options will 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.

What is the vesting schedule for the restricted stock units granted by Ocular Therapeutix (OCUL)?

The restricted stock units will vest over three years in equal annual installments, beginning on August 28, 2024.

Under what plan were the inducement awards granted by Ocular Therapeutix (OCUL)?

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