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Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Iveric Bio (NASDAQ: ISEE) announced on September 1, 2022, the granting of equity-based awards to two newly hired non-executive employees as part of its 2019 Inducement Stock Incentive Plan. This included 38,600 stock options priced at $9.89 per share and 8,000 restricted stock units. The stock options vest over four years, with partial vesting starting on September 1, 2023, while the restricted stock units will have staggered vesting dates in 2022 and 2023. These grants are intended as a material inducement for the employees to join the company.
Positive
Inducement grants were made to attract qualified personnel, enhancing the company's talent pool.
Stock options have an attractive exercise price, aligned with the market closing price.
Negative
Equity-based awards could lead to shareholder dilution.
Dependency on the continued service of employees for the vesting of stock options and units.
PARSIPPANY, N.J.--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on September 1, 2022, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to two 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 38,600 shares of the Company’s common stock and 8,000 restricted stock units for shares of the Company’s common stock.
The stock options have an exercise price of $9.89 per share, equal to the closing price of Iveric Bio’s common stock on September 1, 2022. The stock option grants have a ten-year term and vest over four years, with 25% of the shares underlying the options vesting on September 1, 2023 and an additional 2.0833% of the shares underlying the options vesting at the end of each successive month thereafter. A tranche of 5,000 restricted stock units vests with respect to 50% of the shares underlying the units on October 1, 2022 and the remaining 50% of the shares underlying the units on April 1, 2023. A tranche of 3,000 restricted stock units vests with respect to 25% of the shares underlying the units on each of September 1, 2023, September 1, 2024, September 1, 2025 and September 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.
