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

Rhea-AI Summary

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) announced the granting of stock options to nine new employees as inducement awards, in compliance with NASDAQ Listing Rule 5635(c)(4). A total of 18,000 options were issued on July 15, 2022, at an exercise price of $9.91, corresponding to the closing stock price on that date. The options will vest over four years, with 25% vesting on the first anniversary and the rest monthly thereafter. This strategic move aims to attract talented personnel to support the company's commitment to developing therapeutics for serious eye disorders.

Positive

• Granting of 18,000 stock options to new employees to incentivize talent acquisition.
• Stock options at a competitive exercise price of $9.91, aligning employee interests with shareholder value.

Negative

• None.

WATERTOWN, Mass., July 18, 2022 (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 18,000 shares of EyePoint Pharmaceuticals common stock to nine new employees. The stock options were granted on July 15, 2022. 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 $9.91 per share, the closing price of EyePoint Pharmaceuticals’ common stock on July 15, 2022. 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 anti-VEGF treatment initially targeting wet age-related macular degeneration. 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 chronic non-infectious uveitis affecting the posterior segment of the eye, 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 is the significance of the stock options granted by EyePoint Pharmaceuticals on July 15, 2022?

The stock options are a strategic move to attract and retain talent, granting 18,000 options to nine new employees as inducement awards.

What is the exercise price of the stock options granted by EYPT?

The exercise price of the stock options is $9.91 per share, which corresponds to the closing stock price on the grant date.

How long do the stock options granted to EyePoint employees last?

The stock options have a ten-year term from the date of grant, with vesting occurring over four years.

What is the vesting schedule for the stock options awarded by EyePoint Pharmaceuticals?

25% of the stock options vest on the first anniversary of the grant date, with the remainder vesting in equal monthly installments over the following three years.