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Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
IVERIC bio, Inc. (NASDAQ: ISEE) announced on December 1, 2022, the granting of equity-based awards to nine newly-hired, non-executive employees. These awards include non-statutory stock options for 199,500 shares and 35,400 restricted stock units. The options have an exercise price of $22.76, aligning with the closing price on the grant date, and will vest over four years. Additionally, various tranches of restricted stock units will vest between January 2023 and December 2025. This move aims to incentivize new hires and enhance the company's talent strategy.
Positive
Granting of 199,500 stock options and 35,400 restricted stock units to attract and retain talent.
Stock options priced at $22.76 align with the market price, positioning the company competitively.
Negative
None.
PARSIPPANY, N.J.--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on December 1, 2022, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to nine 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 199,500 shares of the Company’s common stock and 35,400 restricted stock units for shares of the Company’s common stock.
The stock options have an exercise price of $22.76 per share, equal to the closing price of Iveric Bio’s common stock on December 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 December 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 4,700 restricted stock units vests with respect to 100% of the shares underlying the units on January 1, 2023. A tranche of 500 restricted stock units vest with respect to 100% of the shares underlying the units on October 1, 2023. A tranche of 12,500 restricted stock units vest with respect to 50% of the shares underlying the units on January 1, 2023 and the remaining 50% of the shares vest on April 1, 2023. A tranche of 8,200 restricted stock units vest with respect to 17% of the shares on January 1, 2023, 50% of the shares vest on April 1, 2023 and 33% of the shares vest on April 1, 2024. A tranche of 4,500 restricted stock units vest with respect to 57.8% of the shares on April 1, 2023 and the remaining 42.2% of the shares vest on April 1, 2024. A tranche of 5,000 restricted stock units vest with respect to 25% of the shares underlying the units on each of December 1, 2023, December 1, 2024 and December 1, 2025. 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.
