IVERIC bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

IVERIC bio, Inc. (Nasdaq: ISEE) granted non-statutory stock options to purchase 28,000 shares to two new non-executive employees on January 4, 2021. This issuance, part of the 2019 Inducement Stock Incentive Plan, serves as a material incentive for the employees' acceptance of their roles. The options have an exercise price of $6.895 per share, mirroring the company's closing share price on that date. Each option vests over four years, contingent upon continued employment.

IVERIC bio focuses on developing innovative treatments for retinal diseases.

Positive

• Granting stock options can attract and retain talent.
• The exercise price aligns with market value, indicating a fair incentive.

Negative

• None.

IVERIC bio, Inc. (Nasdaq: ISEE) today reported that on January 4, 2021, the Company granted non-statutory stock options to purchase an aggregate of 28,000 shares of the Company’s common stock to two newly hired, non-executive employees. These grants were made pursuant to the Company’s 2019 Inducement Stock Incentive Plan, were approved by the Company’s compensation 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 stock options have an exercise price of $6.895 per share, equal to the closing price of IVERIC bio’s common stock on January 4, 2021. Each stock option has a ten year term and vests over four years, with 25% of the shares underlying the option vesting on January 4, 2022 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. 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/20210105005188/en/

FAQ

What stock options did IVERIC bio grant on January 4, 2021?

IVERIC bio granted non-statutory stock options to purchase 28,000 shares to two newly hired, non-executive employees.

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

The exercise price for the stock options is $6.895 per share.

What is the vesting period for stock options granted by IVERIC bio?

The stock options vest over four years, with 25% vesting on January 4, 2022, and the remainder vesting monthly thereafter.

Under what plan were the stock options granted by IVERIC bio?

The stock options were granted under the Company’s 2019 Inducement Stock Incentive Plan.

What is IVERIC bio's primary focus as a biopharmaceutical company?

IVERIC bio is focused on the discovery and development of treatments for retinal diseases with significant unmet medical needs.