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

Rhea-AI Summary

Iveric Bio (NASDAQ: ISEE) announced the granting of equity-based awards on May 3, 2021, to four newly hired non-executive employees. This move complies with Nasdaq Listing Rule 5635(c)(4) and serves as a material inducement for employment acceptance. The grants include 95,450 stock options with an exercise price of $7.17 per share and 7,000 restricted stock units. The options vest over four years while the restricted units vest fully on May 3, 2022, contingent upon continued employment. Iveric Bio focuses on developing treatments for retinal diseases.

Positive

• Equity-based awards aim to attract and retain talented employees, potentially enhancing company performance.
• Stock options priced at $7.17 per share align with the closing stock price, suggesting fair valuation.

Negative

• None.

IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on May 3, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to four newly hired, non-executive employees. 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 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 four non-statutory stock options to purchase an aggregate of 95,450 shares of the Company’s common stock, and two grants of an aggregate of 7,000 restricted stock units for shares of the Company’s common stock.

The stock options each have an exercise price of $7.17 per share, equal to the closing price of Iveric Bio’s common stock on May 3, 2021. The stock options each have a 10-year term and vest over four years, with 25% of the shares underlying each option vesting on May 3, 2022 and an additional 2.0833% of the shares underlying each option vesting at the end of each successive month thereafter. The two grants of restricted stock units for shares of the Company’s common stock each vest with respect to 100% of the shares underlying the grant on May 3, 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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FAQ

What equity awards did Iveric Bio grant on May 3, 2021?

Iveric Bio granted 95,450 stock options and 7,000 restricted stock units to four new employees.

What is the exercise price for the stock options granted by Iveric Bio?

The exercise price for the stock options is $7.17 per share.

When will the stock options vest for Iveric Bio employees?

The stock options vest over four years, with 25% vesting on May 3, 2022, and the remainder vesting monthly thereafter.

What is the purpose of the equity awards granted by Iveric Bio?

The equity awards are designed as a material inducement for the acceptance of employment.

How does Iveric Bio's inducement plan comply with Nasdaq regulations?

The grants were approved by the compensation committee as per Nasdaq Listing Rule 5635(c)(4).