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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced the grant of non-statutory stock options to two new employees as part of an inducement award. On January 13, 2023, the company approved stock options for a total of 4,000 shares, each with an exercise price of $5.04, reflecting the stock's closing price on that date. These options vest over four years, with an initial 25% vesting after one year and the remainder in monthly installments. This move aligns with NASDAQ Listing Rule 5635(c)(4) and aims to attract talented personnel to support EyePoint's commitment to developing therapeutics for serious eye disorders.

Positive

• Granting stock options may enhance employee retention and motivation.
• The exercise price of $5.04 is aligned with the market rate, indicating sound decision-making in compensation.

Negative

• None.

WATERTOWN, Mass., Jan. 17, 2023 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical 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 4,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on January 13, 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 $5.04 per share, the closing price of EyePoint Pharmaceuticals’ common stock on January 13, 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 pharmaceutical 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 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:
Christina Tartaglia
Stern IR
Direct: 212-698-8700
christina.tartaglia@sternir.com

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

FAQ

What stock options did EyePoint Pharmaceuticals grant?

EyePoint Pharmaceuticals granted non-statutory stock options for 4,000 shares to two new employees.

What is the exercise price for EyePoint's stock options?

The exercise price for the stock options is $5.04 per share.

When were the stock options for EyePoint employees granted?

The stock options were granted on January 13, 2023.

How do the stock options vest for new employees at EyePoint?

The options vest over four years, with 25% vesting after the first year and the rest in monthly installments.

What is the significance of the stock options granted by EyePoint?

The stock options serve as an inducement for new employees, aligning with NASDAQ Listing Rule 5635(c)(4).