Xeris Pharmaceuticals Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Xeris Pharmaceuticals, Inc. (NASDAQ: XERS) announced the grant of non-qualified stock options for 38,250 shares and restricted stock units for 35,100 shares to 7 new employees under its Inducement Equity Plan as of December 30, 2020. The options will vest over four years, either with 25% vesting after one year or 36% after 18 months, while the restricted stock units will vest in equal annual installments. This plan aims to incentivize new hires in line with NASDAQ Listing Rules. Xeris focuses on developing ready-to-use injectable medications using advanced formulation technologies.

Positive

• Granting equity awards aims to attract talent, which may bolster future company growth.
• The Inducement Equity Plan is aligned with NASDAQ Listing Rules, ensuring regulatory compliance.

Negative

• None.

Xeris Pharmaceuticals, Inc. (NASDAQ: XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that on December 30, 2020, the Compensation Committee of Xeris’ Board of Directors granted non-qualified stock options for an aggregate of 38,250 shares, and restricted stock units for an aggregate of 35,100 shares, of its common stock to 7 new employee(s) under Xeris’ Inducement Equity Plan.

Xeris’ Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously employed by Xeris or one of its subsidiaries as an inducement material to such individual's entering into employment with Xeris or one of its subsidiaries, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The non-qualified stock options will vest over a period of four years, either 25% on the first anniversary of the grant with the remaining 75% vesting in thirty-six equal monthly installments thereafter, or 36% on 18 months after the grant date with the remaining 64% vesting in ten equal quarterly installments thereafter, and are subject to the employees’ continued employment with Xeris or one of its subsidiaries. The restricted stock units will vest over a period of four years in equal annual installments, and are subject to the employees’ continued employment with Xeris or one of its subsidiaries. All equity awards are subject to the terms and conditions of Xeris’ Inducement Equity Plan and forms of award agreements covering the grants.

About Xeris Pharmaceuticals, Inc.

Xeris (NASDAQ: XERS) is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

With a novel technology platform that enables ready-to-use, room-temperature stable formulations of injectable and infusible therapies, the company is advancing a portfolio of solutions in various therapeutic categories, including its first commercial product, Gvoke®. Its proprietary XeriSol™ and XeriJect™ formulation technologies have the potential to offer distinct advantages over conventional product formulations, including eliminating the need for reconstitution, enabling long-term, room-temperature stability, significantly reducing injection volume, and eliminating the requirement for intravenous (IV) infusion. With Xeris’ technology, new product formulations are designed to be easier to use by patients, caregivers, and health practitioners and help reduce costs for payers and the healthcare system.

Xeris is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on Twitter, LinkedIn or Instagram.

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FAQ

What equity awards did Xeris Pharmaceuticals grant on December 30, 2020?

Xeris Pharmaceuticals granted non-qualified stock options for 38,250 shares and restricted stock units for 35,100 shares to 7 new employees under its Inducement Equity Plan.

What is the purpose of Xeris' Inducement Equity Plan?

The Inducement Equity Plan is designed to grant equity awards to new employees as an inducement for joining the company, per NASDAQ Listing Rules.

How long will the stock options and restricted stock units vest at Xeris Pharmaceuticals?

The stock options will vest over four years, while the restricted stock units will vest in equal annual installments over the same period.

What does Xeris Pharmaceuticals specialize in?

Xeris Pharmaceuticals specializes in developing ready-to-use injectable and infusible drug formulations using novel technology platforms.