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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 February 1, 2023 the granting of equity-based awards to 16 newly-hired, non-executive employees as per its 2019 Inducement Stock Incentive Plan. The awards include non-statutory stock options for 368,000 shares and 40,550 restricted stock units. Stock options have an exercise price of $23.70 per share, vesting over four years. The plan follows Nasdaq rules and aims to assist in recruitment by offering competitive compensation. The company's focus lies in developing treatments for retinal diseases.
Positive
Equity-based awards granted to 16 new employees may enhance talent acquisition.
The exercise price of $23.70 matches the stock's closing price, indicating no immediate dilution.
Negative
The significant issuance of stock options and restricted units may lead to potential shareholder dilution in the future.
PARSIPPANY, N.J.--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on February 1, 2023, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to 16 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 368,000 shares of the Company’s common stock and 40,550 restricted stock units for shares of the Company’s common stock.
The stock options have an exercise price of $23.70 per share, equal to the closing price of Iveric Bio’s common stock on February 1, 2023. The stock option grants have a ten-year term and vest over four years, with 25% of the shares underlying the options vesting on February 1, 2024 and an additional 2.0833% of the shares underlying the options vesting at the end of each successive month thereafter. A tranche of 2,650 restricted stock units vests with respect to 100% of the shares underlying the units on April 1, 2023. A tranche of 15,600 restricted stock units vests with respect to 50% of the shares underlying the units on April 1, 2023 and the remaining 50% of the shares underlying the units on July 1, 2023. A tranche of 8,800 restricted stock units vests with respect to 50% of the shares underlying the units on April 1, 2023 and the remaining 50% of the shares on October 1, 2023. A tranche of 3,000 restricted stock units vests with respect to 50% of the shares underlying the units on April 1, 2023 and the remaining 50% of the shares on January 1, 2024. A tranche of 6,000 restricted stock units vests with respect to 100% of the shares underlying the units on January 1, 2024. A tranche of 2,000 restricted stock units vests with respect to 100% of the shares underlying the units on October 1, 2023. A tranche of 2,500 restricted stock units vests with respect to 25% of the shares underlying the units on each of February 1, 2024, February 1, 2025, February 1, 2026 and February 1, 2027. 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.
