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Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Iveric Bio, Inc. (NASDAQ: ISEE) announced on September 1, 2021, that it granted equity-based awards to three new non-executive employees under its 2019 Inducement Stock Incentive Plan. The grants include non-statutory options for 155,000 shares at an exercise price of $10.45, reflecting the stock's closing price on the grant date. The options vest over four years, with initial vesting on September 1, 2022, and subsequent monthly vesting. Additionally, the company granted 12,500 restricted stock units, which will vest fully on September 1, 2022, contingent on continued employment.
Positive
Granting 155,000 stock options and 12,500 restricted stock units indicates strong talent acquisition strategy.
The exercise price of $10.45 aligns with the stock's closing price, providing fair compensation.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on September 1, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to three 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 the 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 a non-statutory option to purchase an aggregate of 155,000 shares of the Company’s common stock, and two grants of an aggregate of 12,500 restricted stock units for shares of the Company’s common stock.
The stock options each have an exercise price of $10.45 per share, equal to the closing price of Iveric Bio’s common stock on September 1, 2021. The stock options each have a ten-year term and vest over four years, with 25% of the shares underlying each option vesting on September 1, 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 September 1, 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.
