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

Rhea-AI Summary

Xeris Pharmaceuticals (NASDAQ: XERS) announced the grant of restricted stock units totaling 28,750 shares to 20 new employees as part of its Inducement Equity Plan, effective October 1, 2021. This plan incentivizes new hires not previously employed by Xeris, adhering to NASDAQ rules. The stock options will vest over four years, contingent on continued employment. Xeris is focused on innovative drug formulations, including its first commercial product, Gvoke, utilizing room-temperature stable formulations to enhance patient and healthcare provider experiences.

Positive

• Granting of 28,750 shares under the Inducement Equity Plan to attract talent.
• Focus on innovative drug technologies that simplify administration for patients.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that on October 1, 2021, the Compensation Committee of Xeris’ Board of Directors granted restricted stock units for an aggregate of 28,750 shares of its common stock to 20 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211001005006/en/

Allison Wey

Senior Vice President, Investor Relations and Corporate Communications

awey@xerispharma.com

312-736-1237

Source: Xeris Pharmaceuticals, Inc.

FAQ

What did Xeris Pharmaceuticals announce on October 1, 2021?

Xeris Pharmaceuticals announced the grant of 28,750 restricted stock units to 20 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 hires as an incentive for joining the company.

How long is the vesting period for the granted stock options?

The stock options will vest over a four-year period.

What is Xeris Pharmaceuticals known for?

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