Ocular Therapeutix, Inc. Announces New Compensation Package for Chairman, President, and CEO

Ocular Therapeutix, Inc. (NASDAQ:OCUL) revealed in a recent Form 8-K filing to the Securities and Exchange Commission that their Board of Directors has approved a new compensation arrangement for Pravin Dugel, M.D., the current Chairman, President, and Chief Executive Officer of the company. This decision was made as part of the annual compensation review and in consultation with an independent compensation consultant.

The new compensation package for Dr. Dugel includes an annual base salary of $819,200 and a bonus target of 75% of his annual base salary, effective for the year 2025. As a recognition of the strong performance results achieved in 2024, the Board also approved a bonus of $368,100 for the same year based on his initial base salary and bonus target percentage. Additionally, Dr. Dugel will receive a one-time special bonus of $500,000, intended to compensate for the increased duties and responsibilities he took on when he assumed the roles of President and Chief Executive Officer in April 2024.

Moreover, the Board sanctioned long-term equity awards for Dr. Dugel under the Company’s 2021 Stock Incentive Plan, aimed at aligning his interests with the company’s stockholders and motivating his continued dedication towards advancing the strategic objectives and growth of the company. These equity awards are predominantly tied to stock price performance hurdles and will vest only if substantial investment appreciation is realized by stockholders, contingent upon Dr. Dugel’s continued service for at least three years post the Grant Date.

Dr. Dugel’s 2025 equity awards consist of a restricted stock unit award, a performance stock unit award, and a performance stock option award, collectively referred to as the Performance Awards. The vesting of these awards is subject to achieving stock price hurdles during a five-year performance period, with additional service-based vesting requirements through the third anniversary of the Grant Date.

The Form 8-K filing also included provisions regarding the termination of Dr. Dugel’s employment under certain circumstances, where accelerations in vesting and entitlements to stock options were detailed.

For more intricate details regarding the equity award agreements, interested parties are encouraged to refer to the complete text of the agreements which the Company plans to file as exhibits to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.

The company aims to efficiently manage operating expenses while delivering on its pharmaceutical pipeline commitments, leveraging Dr. Dugel’s leadership and expertise to bolster its growth trajectory.

The Board of Ocular Therapeutix expressed optimism and confidence in Dr. Dugel’s capacity to drive the company’s performance and strategic objectives forward despite the challenging market landscape.

Investors and stakeholders can find more information in the official 8-K filing on the Securities and Exchange Commission’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ocular Therapeutix’s 8K filing here.

About Ocular Therapeutix

Ocular Therapeutix, Inc, a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.