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

Rhea-AI Summary

Xeris Pharmaceuticals, Inc. (Nasdaq: XERS) announced the grant of 15,250 restricted stock units to 10 new employees on March 31, 2021. This action was made under Xeris' Inducement Equity Plan, which incentivizes new hires with equity awards. The stock options will vest over four years, with specific vesting schedules tied to continued employment. Xeris specializes in ready-to-use injectable and infusible drug formulations, aimed at improving patient and healthcare experiences.

Positive

• Grant of 15,250 restricted stock units to attract new talent.
• Incentives aimed at enhancing employee retention through vesting schedules.

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 March 31, 2021, the Compensation Committee of Xeris’ Board of Directors granted restricted stock units for an aggregate of 15,250 shares of its common stock to 10 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 recent announcement by Xeris Pharmaceuticals regarding employee equity?

Xeris Pharmaceuticals granted 15,250 restricted stock units to 10 new employees under its Inducement Equity Plan.

How does Xeris' Inducement Equity Plan work?

The plan grants equity awards to new hires as an inducement for their employment, with specific vesting schedules.

What are the benefits of Xeris' drug formulation technologies?

Xeris' technologies provide ready-to-use, room-temperature stable formulations that simplify administration and reduce healthcare costs.

When were the restricted stock units granted to Xeris employees?

The restricted stock units were granted on March 31, 2021.

What is the significance of the stock options vesting schedule at Xeris?

The vesting schedule incentivizes employees to stay with the company, aligning their interests with long-term company performance.