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Nlight, Inc. (NASDAQ:LASR) reported that on Wednesday its board’s Compensation Committee approved special one-time grants of performance-based restricted stock units (PRSUs) to its principal executive officer, Scott Keeney, and principal financial officer, Joseph Corso. The information is based on a press release statement included in the company’s latest SEC filing.
According to the filing, Keeney was awarded 1,200,000 PRSUs and Corso received 100,000 PRSUs under Nlight’s 2018 Equity Incentive Plan. Each PRSU entitles the holder to receive one share of Nlight common stock, contingent upon the achievement of specified stock price targets and continued service.
The PRSUs are structured in three tranches, with vesting tied to Nlight’s stock reaching volume-weighted average price goals of $30, $35, and $40 over a consecutive 60-day period within a six-year performance window starting from the August 13, 2025 grant date. For each tranche, one-third of the PRSUs become eligible to vest upon achievement of the corresponding price target. Vesting of earned units occurs 50% on the later of January 3, 2028 or the certification date of the price goal, and 50% on the later of January 3, 2029 or certification, subject to continued employment.
If the stock price goals are not met during the performance period, the PRSUs do not vest. The agreement also outlines procedures for determining earned units in the event of a corporate change in control, including accelerated vesting under certain conditions.
Additionally, Nlight and Scott Keeney entered into an amended and restated employment agreement on Wednesday. The updated agreement reflects the terms of the new PRSUs, amends definitions of “cause” and “good reason” for termination, and specifies vesting provisions for equity awards in the event of certain types of employment separation, including removal, death, disability, or resignation following a change in control.
Nlight’s common stock is listed on the Nasdaq Stock Market under the symbol LASR.
In other recent news, Nlight reported a strong second-quarter performance with a 22% increase in revenue, surpassing both its guidance and analysts’ expectations. This growth was largely driven by the robust performance of its Aerospace and Defense segment. Following these results, several analyst firms have raised their price targets for Nlight. Stifel increased its target to $26 while maintaining a Buy rating, highlighting the company’s strong quarterly performance. Raymond James also raised its price target to $28, maintaining a Strong Buy rating, and noted positive indicators for global demand in directed energy products. Similarly, Needham raised its target to $28, citing strong defense growth. Additionally, Nlight appointed Mark Hartman to its Board of Directors, replacing Doug Carlisle, who resigned after serving since 2001. Hartman will also join the Audit Committee of the Board.
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