Alimera Sciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
ATLANTA, March 20, 2024 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc. (NASDAQ:ALIM) ("Alimera" or the "Company"), a global pharmaceutical company whose mission is to be invaluable to patients, physicians, and partners concerned with retinal health, and maintaining better vision longer, today announced that, pursuant to Nasdaq Listing Rule 5635(c)(4) and in connection with the appointments of (i) Mr. Todd Wood as President of U.S. Operations of the Company, (ii) Mr. Elliot Maltz as Chief Financial Officer of the Company, and (iii) five non-executive employees, the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") approved certain inducement grants under the Alimera Sciences, Inc. 2024 Equity Inducement Plan to each of Mr. Wood, Mr. Maltz, and the five other persons who were not previously an employee or non-employee director of the Company (collectively, the "Inducement Grants").
The Compensation Committee approved granting on March 11, 2024, as an inducement material to each new employee's employment, 125,000 restricted stock units and 125,000 performance-based restricted stock units to Mr. Wood; 75,000 restricted stock units and 75,000 performance-based restricted stock units to Mr. Maltz; and options to collectively purchase up to 24,500 shares of common stock of the Company to the five other new, non-executive employees. The stock options have an exercise price of $3.77 per share, which is equal to the closing price of a share of the Company's common stock on the Nasdaq Global Market on March 11, 2024.
The restricted stock unit awards and the stock option awards will vest over four years, with 25% of the award vesting on the one-year anniversary of the employment commencement date and 75% of the award vesting in equal installments over the following thirty-six (36) months, subject to continued employment with the Company through each applicable vesting date. One third (1/3) of the performance-based restricted stock unit awards will vest annually during a three-year performance period if either one of the pre-established annual revenue target or stock price target is satisfied during such performance year, subject to continued employment with the Company through the vesting dates.
Each Inducement Grant was awarded as an inducement material to the employee's commencement of employment in accordance with Nasdaq Listing Rule 5635(c)(4), and each such Inducement Grant Each award is subject to the terms and conditions of the Alimera Sciences, Inc. 2024 Equity Inducement Plan and the grant agreements evidencing the awards.
About Alimera Sciences, Inc.
Alimera Sciences is a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer. For more information, please visit www.alimerasciences.com.
| For investor inquiries: Scott Gordon for Alimera Sciences [email protected] | For media inquiries: Jules Abraham for Alimera Sciences [email protected] | |
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, Alimera's expectations with respect to its business strategy, future operations, projected growth, and anticipated impact of the YUTIQ acquisition. Words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "contemplates," "predict," "project," "target," "likely," "potential," "continue," "ongoing," "will," "would," "should," "could," or the negative of these terms and similar expressions or words, identify forward-looking statements. Forward-looking statements are based on current expectations and involve inherent risks and uncertainties (some of which are beyond Alimera's control), including factors that could delay, divert or change any of them, and could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Alimera's most recently filed Annual Report on Form 10-K, most recently filed Quarterly Report on Form 10-Q, and any of Alimera's subsequent filings with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.
All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Alimera cautions investors not to rely on the forward-looking statements Alimera makes or that are made on its behalf as predictions of future events. These forward-looking statements speak only as of the date of this press release. Alimera undertakes no obligation to publicly update or revise any of the forward-looking statements made in this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
