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

Rhea-AI Summary

Xeris Pharmaceuticals, Inc. (Nasdaq: XERS) disclosed that on July 1, 2021, it granted 80,250 restricted stock units to 37 new employees through its Inducement Equity Plan. This plan targets new hires as incentives for accepting employment. The stock options will vest over four years, with various vesting schedules based on employment duration. Xeris specializes in ready-to-use injectable formulations, aiming to simplify medication delivery and reduce healthcare costs. Its proprietary technologies, XeriSol™ and XeriJect™, enhance stability and ease of use for patients and providers.

Positive

• Granting of 80,250 restricted stock units can attract talent and align employee interests with company performance.
• Xeris' innovative technology platforms offer advantages over conventional therapies, potentially improving market position.

Negative

• None.

Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable drug formulations, today announced that on July 1, 2021, the Compensation Committee of Xeris’ Board of Directors granted restricted stock units for an aggregate of 80,250 shares of its common stock to 37 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 is the significance of Xeris' stock grant to new employees on July 1, 2021?

The grant of 80,250 restricted stock units to 37 new employees is part of Xeris' strategy to attract talent and motivate its workforce.

How do the restricted stock units vest for Xeris employees?

The stock units vest over four years, with specific schedules based on employee tenure at Xeris.

What technologies does Xeris Pharmaceuticals utilize?

Xeris utilizes XeriSol™ and XeriJect™ technologies that enable room-temperature stable injectable formulations.

What is Xeris Pharmaceuticals' primary focus?

Xeris focuses on developing ready-to-use injectable drug formulations to simplify therapy administration for patients.

What is the ticker symbol for Xeris Pharmaceuticals?

The ticker symbol for Xeris Pharmaceuticals is XERS.