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

Rhea-AI Summary

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) announced the granting of non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4). The options have an exercise price of $10.97 per share, a ten-year term, and vest over four years. Vesting is subject to the employee’s continued service with EyePoint Pharmaceuticals.

Positive

• The granting of stock options to new employees can be seen as a positive move to attract and retain top talent, potentially boosting the company's long-term growth and performance.

Negative

• None.

WATERTOWN, Mass., July 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 2023 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 14,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on July 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 $10.97 per share, the closing price of EyePoint Pharmaceuticals’ common stock on July 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 bioerodible Durasert E™ 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. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts. For more information visit www.eyepointpharma.com.

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 purpose of the announcement by EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT)?

The purpose of the announcement is to inform about the granting of non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

How many shares of EyePoint Pharmaceuticals common stock were granted as stock options to new employees?

The company granted stock options to purchase up to an aggregate of 14,000 shares of EyePoint Pharmaceuticals common stock to two new employees.

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

The stock options have an exercise price of $10.97 per share, which was the closing price of EyePoint Pharmaceuticals’ common stock on July 14, 2023.

How long is the term of the stock options granted by EyePoint Pharmaceuticals?

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.