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 137,250 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 23,000 shares of common stock to seven hired employees. The stock options and RSUs were granted as of September 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 $7.54 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.
About Ocugen, Inc.
Ocugen, Inc. is 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. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug -- "one to many," and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech's COVAXIN(TM) vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com.
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Head, Investor Relations & Communications