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

Rhea-AI Summary

Xeris Pharmaceuticals, Inc. (Nasdaq: XERS) announced on February 24, 2021, that its Compensation Committee granted stock options for 5,000 shares and restricted stock units for 9,500 shares to three new employees under its Inducement Equity Plan. This plan incentivizes new hires by offering equity awards, which are subject to conditions like continued employment. The options will vest over four years, and the company aims to simplify administering critical therapies through innovative room-temperature stable formulations, enhancing patient and healthcare experience.

Positive

• Xeris granted stock options and restricted stock units to new hires, potentially attracting talent.
• The Inducement Equity Plan aligns employee interests with company performance.

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• 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 February 24, 2021, the Compensation Committee of Xeris’ Board of Directors granted non-qualified stock options for an aggregate of 5,000 shares, and restricted stock units for an aggregate of 9,500 shares, of its common stock to 3 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 did Xeris Pharmaceuticals announce on February 24, 2021?

On February 24, 2021, Xeris Pharmaceuticals announced the granting of stock options and restricted stock units to new employees under its Inducement Equity Plan.

How many shares were granted to new employees at Xeris Pharmaceuticals?

Xeris Pharmaceuticals granted 5,000 stock options and 9,500 restricted stock units to three new employees.

What is the purpose of Xeris' Inducement Equity Plan?

The Inducement Equity Plan is designed to grant equity awards to individuals who were not previously employed by Xeris as an incentive for joining the company.

What are the vesting terms for the stock options granted by Xeris Pharmaceuticals?

The stock options will vest over four years, with options for 25% vesting after one year and the remainder in monthly installments, or 36% after 18 months followed by quarterly installments.

What is Xeris Pharmaceuticals known for?

Xeris Pharmaceuticals is known for developing innovative, ready-to-use injectable and infusible drug formulations, aiming to improve the administration of critical therapies.