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Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Sentiment
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Rhea-AI Summary
Iveric Bio (NASDAQ: ISEE) announced on April 1, 2022 the grant of equity-based awards to 21 new non-executive employees under its 2019 Inducement Stock Incentive Plan. This includes non-statutory stock options totaling 370,100 shares and 18,700 restricted stock units. The options have an exercise price of $17.79, vesting over four years. The initiative aims to attract talent and aligns with Nasdaq rules for employment compensation, emphasizing Iveric’s commitment to developing treatments for retinal diseases.
Positive
Grant of 370,100 stock options and 18,700 restricted stock units to attract talent.
Stock options have a favorable exercise price of $17.79, aligning with market closing.
Negative
None.
PARSIPPANY, N.J.--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on April 1, 2022, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to 21 newly-hired, non-executive employees. These inducement grants were approved by the Company’s compensation and talent strategy committee pursuant to a delegation by the Company’s board of directors and were made as a material inducement to each employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.
The inducement grants consisted of non-statutory stock options to purchase an aggregate of 370,100 shares of the Company’s common stock and an aggregate of 18,700 restricted stock units for shares of the Company’s common stock.
The stock options each have an exercise price of $17.79 per share, equal to the closing price of Iveric Bio’s common stock on April 1, 2022. The stock options each have a ten-year term and vest over four years, with 25% of the shares underlying each option vesting on April 1, 2023 and an additional 2.0833% of the shares underlying each option vesting at the end of each successive month thereafter. A tranche of 2,500 restricted stock units vests with respect to 100% of the shares underlying the units on July 1, 2022. A tranche of 200 restricted stock units vests with respect to 100% of the shares underlying the units on September 1, 2022. A tranche of 14,500 restricted stock units vests with respect to 50% of the shares underlying the applicable units on September 1, 2022 and the remaining 50% of the shares underlying the applicable units on April 1, 2023. A tranche of 1,500 restricted stock units vests with respect to 25% of the shares underlying the units on each of April 1, 2023, April 1, 2024, April 1, 2025 and April 1, 2026. The vesting of the grants is subject to the applicable employee’s continued service with the Company through the applicable vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and the Company’s 2019 Inducement Stock Incentive Plan.
Iveric Bio
Iveric Bio is a science-driven biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs. The Company is committed to having a positive impact on patients’ lives by delivering high-quality, safe and effective treatments designed to address debilitating retinal diseases including earlier stages of age-related macular degeneration. For more information on the Company, please visit www.ivericbio.com.
