Opus Genetics reports inducement grant under Nasdaq listing rules

Opus Genetics (IRD) announced that the Compensation Committee of its Board of Directors approved equity awards under the Company’s 2021 Inducement Plan, as amended, as a material inducement to employment to Rob Gagnon the Company’s newly appointed CFO, as well as to five non-executive employees, in each case, who were not previous employees or directors of the Company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of any equity awards that are not made under a stockholder approved equity plan. The equity awards for Mr. Gagnon were granted in the form of options to purchase 250,000 shares of the Company’s common stock and restricted stock units with respect to 200,000 shares of the Company’s common stock. The option award has an exercise price equal to the fair market value of an underlying share of Company common stock as of the date of grant. The awards will vest with respect to 25% on September 2, 2026, with the remaining shares vesting in equal monthly installments on the last day of each full month over the next thirty-six months, subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the award agreements. The equity awards for the five non-executive employees were granted in the form of options to purchase an aggregate of 483,448 shares of the Company’s common stock. The option awards have an exercise price equal to the fair market value of an underlying share of Company common stock as of the date of grant and vest over a period of four years, with 25% vesting on the one-year anniversary of the grant date and the remaining 75% vesting in quarterly installments thereafter, subject to acceleration or forfeiture upon the occurrence of certain events as set forth in each new hire’s award agreements. The RSUs vest in equal annual installments on each of the first four anniversaries of the grant date, subject to acceleration or forfeiture upon the occurrence of certain events as set forth in each new hire’s award agreements.