Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
May 20, 2021 at 16:01 PM EDT
Kala Pharmaceuticals, Inc. (NASDAQ:KALA), today announced that the Company granted non-statutory stock options to a new employee as an inducement award outside the Company's 2017 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).
The Company granted stock options to purchase up to an aggregate of 27,500 shares of Kala Pharmaceuticals common stock to the new employee. The stock options were granted on May 14, 2021. The grant was approved by the Compensation Committee and was made as an inducement material to the employee entering into employment with Kala Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option award has an exercise price of $5.06 per share, the closing price of Kala Pharmaceuticals’ common stock on May 14, 2021. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the employee’s new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of each option is subject to such employee’s continued service with Kala Pharmaceuticals through the applicable vesting dates.
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