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 April 1, 2021, as part of its 2019 Inducement Stock Incentive Plan to a newly hired non-executive employee. The inducement includes a non-statutory option to purchase 60,000 shares at an exercise price of $6.49, which vests over four years, along with two grants of 10,000 restricted stock units. These awards are intended to incentivize the employee's acceptance of employment and are compliant with Nasdaq Listing Rule 5635(c)(4).

Positive

• Equity grants may enhance employee retention and incentivize performance.
• Stock option exercise price aligns with market value, indicating fair compensation.

Negative

• None.

IVERIC bio, Inc. (NASDAQ:ISEE) today reported that on April 1, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to a newly-hired, non-executive employee. 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 employment compensation.

The inducement grants consisted of a non-statutory option to purchase 60,000 shares of the Company’s common stock, and two separate grants of 10,000 restricted stock units for shares of the Company’s common stock.

The stock option has an exercise price of $6.49 per share, equal to the closing price of Iveric Bio’s common stock on April 1, 2021. The stock option has a ten-year term and vests over four years, with 25% of the shares underlying the option vesting on April 1, 2022 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The first grant of 10,000 restricted stock units for shares of the Company’s common stock vests with respect to 25% of the shares underlying the grant on each of April 1, 2022, April 1, 2023, April 1, 2024 and April 1, 2025. The second grant of 10,000 restricted stock units for shares of the Company’s common stock vests with respect to 100% of the shares underlying the grant on April 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.

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FAQ

What stock awards did Iveric Bio grant on April 1, 2021?

Iveric Bio granted equity-based awards including a non-statutory option to purchase 60,000 shares and two grants of 10,000 restricted stock units.

What is the exercise price for Iveric Bio's stock option granted on April 1, 2021?

The exercise price for the stock option is $6.49 per share.

How long is the vesting period for Iveric Bio's stock options?

The vesting period for the stock options is over four years.

Why were the equity grants made to the new employee at Iveric Bio?

The equity grants were made as a material inducement for the employee's acceptance of employment.

What is Iveric Bio's focus as a biopharmaceutical company?

Iveric Bio focuses on the discovery and development of novel treatments for retinal diseases.