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Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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PARSIPPANY, N.J.--(BUSINESS WIRE)--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on May 19, 2023, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to 63 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 339,976 restricted stock units for shares of the Company’s common stock. The first tranche of 321,313 restricted stock units vests with respect to 25% of the shares underlying the units on May 1, 2024 and 6.25% of the shares underlying the units on the first day of each of the subsequent 12 calendar quarters (July 1, 2024, October 1, 2024, January 2, 2025, April 1, 2025, July 1, 2025, October 1, 2025, January 2, 2026, April 1, 2026, July 1, 2026, October 1, 2026, January 2, 2027, and April 1, 2027). The second tranche of 2,271 restricted stock units vests with respect to 100% of the shares underlying the units on July 1, 2023. The third tranche of 3,555 restricted stock units vests with respect to 100% of the shares underlying the units on October 1, 2023. The fourth tranche of 592 restricted stock units vests with respect to 50% of the shares underlying the units on July 1, 2023 and 50% of the shares underlying the units on January 2, 2024. The fifth tranche of 4,345 restricted stock units vests with respect to 25% of the shares underlying the units on October 1, 2023 and the remaining 75% of the shares underlying the units on April 1, 2024. The sixth tranche of 2,370 restricted stock units vests with respect to 50% of the shares underlying the units on October 1, 2023 and 50% of the shares underlying the units on October 1, 2024. The seventh tranche of 5,530 restricted stock units vests with respect to 33.3% of the shares underlying the units on October 1, 2023, another 33.3% of the shares underlying the units on October 1, 2024 and the remaining 33.4% of the shares underlying the units on October 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.
