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

FARMINGTON HILLS, Mich., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Ocuphire Pharma, Inc. (Nasdaq: OCUP), a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of retinal and refractive eye disorders, today announced that the independent members of its Board of Directors approved equity awards under Ocuphire’s 2021 Inducement Plan, as a material inducement to Ashwath Jayagopal, Ph.D., M.B.A., the Company’s newly appointed Chief Scientific and Development Officer and to Nirav Jhaveri, C.F.A.., M.B.A., the Company’s newly appointed Chief Financial Officer in connection with their employment with the Company effective on February 12, 2024. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with Ocuphire, Dr. Jayagopal, who was not a previous employee or director of Ocuphire, received an option to purchase 225,000 shares of the Company’s common stock and 75,000 restricted stock units (“RSUs”). The option award has an exercise price of $2.66 per share, the closing price of Ocuphire’s common stock on February 12, 2024. The options vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in equal quarterly installments thereafter, and the RSUs vest in four equal installments on the first, second, third and fourth anniversary of the grant date of February 12, 2024, provided in each case that Dr. Jayagopal’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his award agreements.

In connection with entering into employment with Ocuphire, Mr. Jhaveri, who was not a previous employee or director of Ocuphire, received an option to purchase 210,000 shares of the Company’s common stock and 140,000 restricted stock units (“RSUs”). The option award has an exercise price of $2.66 per share, the closing price of Ocuphire’s common stock on February 12, 2024. The options vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in equal quarterly installments thereafter, and the RSUs vest in four equal installments on the first, second, third and fourth anniversary of the grant date of February 12, 2024, provided in each case that Mr. Jhaveri’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in his award agreements.