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

Rhea-AI Summary

Ocular Therapeutix (NASDAQ: OCUL), a biopharmaceutical company focused on improving vision through innovative therapies, has announced the granting of inducement awards to four newly hired employees. These awards, made under Ocular's 2019 Inducement Stock Incentive Plan, include:

1. Non-statutory stock options to purchase up to 132,400 shares of Ocular's common stock, with a ten-year term and a four-year vesting schedule.

2. Restricted stock unit awards representing the right to receive 44,133 shares of Ocular's common stock, with a three-year vesting schedule.

The grants, effective August 5, 2024, are designed to incentivize new employees and comply with Nasdaq Listing Rule 5635(c)(4).

Positive

• Attracting new talent with stock incentives
• Aligning employee interests with company performance through equity awards

Negative

• Potential dilution of existing shareholders' equity

BEDFORD, Mass., Aug. 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 four 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).

The inducement equity awards to the four newly hired employees were granted effective as of August 5, 2024 and consist of (i) non-statutory stock options to purchase up to an aggregate of 132,400 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 an aggregate of 44,133 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 August 5, 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 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 type of inducement awards did Ocular Therapeutix (OCUL) grant to new employees?

Ocular Therapeutix granted two types of inducement awards: non-statutory stock options to purchase up to 132,400 shares of common stock, and restricted stock unit awards representing the right to receive 44,133 shares of common stock.

When were the inducement awards granted by Ocular Therapeutix (OCUL)?

The inducement awards were granted effective as of August 5, 2024.

How many new employees received inducement awards from Ocular Therapeutix (OCUL)?

Ocular Therapeutix granted inducement awards to four newly hired employees.

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

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.