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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced the granting of non-statutory stock options to four new employees as inducement awards, compliant with NASDAQ Listing Rule 5635(c)(4). The grants, totaling 19,700 shares, were approved on September 15, 2022, with an exercise price of $7.99 per share, reflecting the stock's closing price that day. These options vest over four years, contingent on the employees' continued service. EyePoint focuses on developing therapeutics for serious eye disorders, utilizing its Durasert® technology.

Positive

• Granted 19,700 stock options to new employees as inducement awards, potentially enhancing employee retention.
• The exercise price of $7.99 matches the market value, aligning interests of new employees with shareholder value.

Negative

• None.

WATERTOWN, Mass., Sept. 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 19,700 shares of EyePoint Pharmaceuticals common stock to four new employees. The stock options were granted on September 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 $7.99 per share, the closing price of EyePoint Pharmaceuticals’ common stock on September 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 stock options were granted by EyePoint Pharmaceuticals on September 15, 2022?

EyePoint Pharmaceuticals granted non-statutory stock options to new employees for a total of 19,700 shares.

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

The exercise price of the stock options is $7.99 per share.

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

The options have a ten-year term.

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 and the remainder vesting monthly thereafter.

What compliance rule did EyePoint Pharmaceuticals follow for the stock options grant?

The stock options were granted in accordance with NASDAQ Listing Rule 5635(c)(4).