EyePoint Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced on April 17, 2023, the grant of non-statutory stock options for 13,000 shares to two new employees as part of an inducement package outside its 2016 Long-Term Incentive Plan. The options were granted on April 14, 2023, with an exercise price set at $4.33 per share, reflecting the stock’s closing price on that date. The options have a ten-year term and vest over four years, beginning with 25% vesting after one year, followed by monthly vesting thereafter. This move is in accordance with NASDAQ Listing Rule 5635(c)(4) and aims to enhance recruitment efforts by offering competitive compensation packages to new talent.

Positive

• Inducement stock options granted to attract talent.
• Stock options exercise price aligns with recent market value.

Negative

• Limited new employee recruitment may indicate ongoing operational challenges.

WATERTOWN, Mass., April 17, 2023 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2016 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The Company granted stock options to purchase up to an aggregate of 13,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on April 14, 2023. The grants were approved by the Compensation Committee and made as an inducement material to each employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards have an exercise price of $4.33 per share, the closing price of EyePoint Pharmaceuticals’ common stock on April 14, 2023. 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 applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years. Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (Nasdaq: EYPT) is a company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The Company's pipeline leverages its proprietary Durasert® technology for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal anti-VEGF treatment currently in Phase 2 clinical trials. The proven Durasert drug delivery platform has been safely administered to thousands of patients' eyes across four U.S. FDA approved products, including YUTIQ® for the treatment of posterior segment uveitis, which is currently marketed by the Company. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

For EyePoint Pharmaceuticals:

Investors:
Anne Marie Fields
Stern IR
Direct: 332-213-1956
annemarie.fields@sternir.com

Media Contact:
Amy Phillips
Green Room Communications
Direct: 412-327-9499
aphillips@greenroompr.com

FAQ

What stock options were granted by EyePoint Pharmaceuticals on April 14, 2023?

EyePoint Pharmaceuticals granted non-statutory stock options for 13,000 shares to two new employees.

What was the exercise price for the stock options granted by EyePoint Pharmaceuticals?

The exercise price was set at $4.33 per share.

How long will the stock options granted by EyePoint Pharmaceuticals last?

The stock options have a ten-year term.

What is the vesting schedule for the stock options from EyePoint Pharmaceuticals?

25% vests on the first anniversary, with the remainder vesting monthly over the next three years.

What NASDAQ rule did EyePoint Pharmaceuticals adhere to when granting stock options?

The company granted stock options in accordance with NASDAQ Listing Rule 5635(c)(4).