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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced on December 15, 2022, the grant of non-statutory stock options to a new employee as an inducement award. The company issued options to purchase up to 3,000 shares at an exercise price of $2.68 per share, based on the stock's closing price on the grant date. The options vest over four years, with a quarter vesting after one year and the rest in monthly installments, contingent on the employee's continued service.

Positive

• Issuance of stock options may enhance employee retention and motivation.
• The exercise price of $2.68 is aligned with the market value, reflecting fair compensation.

Negative

• None.

WATERTOWN, Mass., Dec. 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 a new employee as an inducement award 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 3,000 shares of EyePoint Pharmaceuticals common stock to one new employee. The stock options were granted on December 15, 2022. The grant was approved by the Compensation Committee and made as an inducement material to the employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option award has an exercise price of $2.68 per share, the closing price of EyePoint Pharmaceuticals’ common stock on December 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 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 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 is the significance of EyePoint Pharmaceuticals granting stock options on December 15, 2022?

The stock options, granted as an inducement award to a new employee, align with company policies under NASDAQ Listing Rule 5635(c)(4) and aim to enhance employee retention.

How many shares of EyePoint Pharmaceuticals stock options were granted?

EyePoint Pharmaceuticals granted options to purchase an aggregate of 3,000 shares.

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

The exercise price for the stock options is $2.68 per share.

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

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