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

Rhea-AI Summary

On March 15, 2022, EyePoint Pharmaceuticals (NASDAQ: EYPT) granted non-statutory stock options to six new employees as inducement awards outside its 2016 Long-Term Incentive Plan. A total of 6,250 options were issued, each with an exercise price of $12.05, reflecting the closing stock price on the grant date. The options have a ten-year term, vesting 25% on the first anniversary and the remaining monthly over three years, contingent on continued employment. This move aims to attract talent to enhance its pipeline, including the Durasert®-based treatment for serious eye disorders.

Positive

• Inducement awards issued to six new employees, enhancing talent acquisition.
• Stock options granted at an exercise price matching the current stock price, promoting alignment with shareholder interests.

Negative

• None.

WATERTOWN, Mass., March 16, 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 6,250 shares of EyePoint Pharmaceuticals common stock to six new employees. The stock options were granted on March 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 $12.05 per share, the closing price of EyePoint Pharmaceuticals’ common stock on March 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, a potential six-month intravitreal anti-VEGF treatment initially targeting wet age-related macular degeneration. Durasert’s proven intravitreal 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:
Ava Jacobs
Green Room Communications
Direct: 248-444-7425
ajacobs@greenroompr.com

FAQ

What did EyePoint Pharmaceuticals announce on March 15, 2022?

EyePoint Pharmaceuticals announced the granting of non-statutory stock options to six new employees as inducement awards.

How many stock options were granted to new employees by EyePoint Pharmaceuticals?

A total of 6,250 stock options were granted to six new employees.

What is the exercise price of the stock options granted by EyePoint Pharmaceuticals?

The exercise price of the stock options is $12.05 per share.

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

The options vest 25% on the first anniversary and in equal monthly installments over the following three years.