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

Rhea-AI Summary

Xeris Pharmaceuticals, Inc. (Nasdaq: XERS) announced the granting of stock options and restricted stock units to 11 new employees under its Inducement Equity Plan. On November 25, 2020, a total of 18,000 stock options and 70,200 restricted stock units were awarded, which vest over four years contingent on continued employment. This plan, designed for new hires, aims to attract and retain talent while adhering to NASDAQ rules. Xeris specializes in developing ready-to-use injectable and infusible therapies aimed at simplifying patient administration.

Positive

• Granting of 70,200 restricted stock units and 18,000 stock options enhances employee retention and incentivizes performance.
• The Inducement Equity Plan helps attract new talent, which can drive future growth and innovation for the company.

Negative

• None.

CHICAGO--(BUSINESS WIRE)--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 November 25, 2020, the Compensation Committee of Xeris’ Board of Directors granted non-qualified stock options for an aggregate of 18,000 shares, and restricted stock units for an aggregate of 70,200 shares, of its common stock to 11 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.