Ocugen Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
MALVERN, Pa., July 16, 2021 (GLOBE NEWSWIRE) -- Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced the Compensation Committee of the Board of Directors of Ocugen approved the grant of stock options to purchase an aggregate of 150,750 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 25,250 shares of common stock to seven new employees. The stock options and RSUs were granted as of July 16, 2021, as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options have a ten-year term and have an exercise price of $6.66 per share, which is the closing price of Ocugen’s common stock on the grant date. The stock options and RSUs vest in equal annual installments over a three-year period starting on the one-year anniversary of the grant date, subject to the applicable new employee’s continued service with Ocugen through the applicable vesting dates. The stock options and RSUs were granted outside of Ocugen’s 2019 Equity Incentive Plan.
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