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

Rhea-AI Summary

IVERIC bio, Inc. (Nasdaq: ISEE) announced the grant of equity-based awards on August 2, 2021, to five newly hired employees as part of its 2019 Inducement Stock Incentive Plan. Significant awards include a non-statutory option to purchase 160,000 shares and restricted stock units totaling 90,000 for Senior VP Christopher Simms, with vesting over various periods. The exercise price for options is set at $8.64 per share, reflecting the stock's closing price on the grant date. These grants aim to incentivize employee retention and align interests.

Positive

• Equity awards are a strategic move to attract and retain talent.
• Significant stock options and restricted units granted to senior management align with long-term company goals.

Negative

• None.

IVERIC bio, Inc. (Nasdaq: ISEE) today reported that on August 2, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to five newly hired 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 Company granted:

• to Christopher Simms, the Company’s Senior Vice President, Chief Commercial Officer, a non-statutory option to purchase 160,000 shares of the Company’s common stock, a grant of 75,000 restricted stock units for shares of the Company’s common stock and a separate grant of 15,000 restricted stock units for shares of the Company’s common stock; and
• to four other non-executive employees, non-statutory options to purchase an aggregate of 64,400 shares of the Company’s common stock.

Each of the granted stock options has an exercise price of $8.64 per share, equal to the closing price of Iveric Bio’s common stock on August 2, 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 August 2, 2022 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The restricted stock unit grant of 75,000 shares to Mr. Simms vests with respect to 25% of the shares underlying the grant on each of August 2, 2022, August 2, 2023, August 2, 2024 and August 2, 2025. The other restricted stock unit grant to Mr. Simms of 15,000 shares vests with respect to 100% of the shares underlying the grant on August 2, 2022. The vesting of each grant is subject to the applicable 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.

About 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. For more information on the Company, please visit www.ivericbio.com.

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FAQ

What equity awards did IVERIC bio grant on August 2, 2021?

IVERIC bio granted options and restricted stock units to newly hired employees, including 160,000 shares to Senior VP Christopher Simms.

What is the exercise price of the options granted by IVERIC bio?

The exercise price of the options is $8.64 per share, equal to the closing stock price on the grant date.

How long do the stock options from IVERIC bio last?

The stock options have a term of ten years and vest over a four-year period.

What is the purpose of the inducement grants by IVERIC bio?

The grants are designed as a material inducement for new employees to accept their positions and encourage long-term commitment.

When do the restricted stock units granted to Christopher Simms vest?

The 75,000 shares vest 25% annually over four years, while the additional 15,000 shares vest fully on August 2, 2022.