Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

IVERIC bio granted equity awards to a new non-executive employee under its 2019 Inducement Stock Incentive Plan on March 15, 2021. The awards include a non-statutory option to purchase 125,000 shares and two sets of restricted stock units totaling 70,000 shares, aimed at incentivizing the new hire. The stock option has an exercise price of $6.425, vesting over four years, while the restricted stock units vest in staggered periods. These grants are part of Iveric's strategy to attract talent in the biopharmaceutical sector focused on retinal diseases.

Positive

• Equity-based awards may enhance employee retention and motivation.
• The exercise price of $6.425 reflects a strategic hire at current market rates.

Negative

• None.

IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on March 15, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to a newly-hired, non-executive employee. The 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 the employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.

The inducement grants consisted of a non-statutory option to purchase 125,000 shares of the Company’s common stock, a grant of 60,000 restricted stock units for shares of the Company’s common stock and a grant of 10,000 restricted stock units for shares of the Company’s common stock.

The stock option has an exercise price of $6.425 per share, equal to the closing price of Iveric Bio’s common stock on March 15, 2021. The stock option has a ten-year term and vests over four years, with 25% of the shares underlying the option vesting on March 15, 2022 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The grant of 60,000 restricted stock units for shares of the Company’s common stock vests with respect to 25% of the shares underlying the grant on each of March 15, 2022, March 15, 2023, March 15, 2024 and March 15, 2025. The grant of 10,000 restricted stock units for shares of the Company’s common stock vests with respect to 100% of the shares underlying the grant on March 15, 2022. The vesting of each grant is subject to the 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 treatment options for retinal diseases with significant unmet medical needs. The Company is currently developing both therapeutic product candidates for age-related retinal diseases and gene therapy product candidates for orphan inherited retinal diseases. Vision is Our Mission. For more information on the Company, please visit www.ivericbio.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210316005196/en/

FAQ

What equity awards did IVERIC bio grant on March 15, 2021?

IVERIC bio granted a non-statutory option to purchase 125,000 shares and 70,000 restricted stock units to a new employee.

What is the exercise price for the stock option granted by IVERIC bio?

The exercise price for the stock option is $6.425 per share.

How long is the vesting period for the equity awards at IVERIC bio?

The stock option vests over four years, with the restricted stock units vesting on a staggered schedule.

Why did IVERIC bio grant these inducement awards?

The inducement grants were made as a material inducement to the employee's acceptance of employment.

What is the focus of IVERIC bio as a company?

IVERIC bio is focused on developing novel treatment options for retinal diseases.