Ocuphire Pharma Appoints Joseph K. Schachle COO

Ocuphire Pharma announced that the independent members of its Board of Directors approved an equity award under the company’s 2021 Inducement Plan as a material inducement to Joseph K. Schachle in connection with his employment with Ocuphire effective on November 27, 2023. The equity award was 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, advised Ocuphire Pharma.

The company recently announced Mr. Schachle has been appointed Chief Operating Officer.

Mr. Schachle, who was not previously an employee or director of Ocuphire, received an option to purchase 300,000 shares of the company’s common stock.

According to the company, the option award has an exercise price of $2.79 per share, the closing price of Ocuphire’s common stock on November 27, 2023. The option vests over a period of 4 years, with 25% vesting 1 year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided that the new hire’s employment is continuing at each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s award agreements.

Ocuphire Pharma is a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of retinal and refractive eye disorders.