Iveric Bio Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK--(BUSINESS WIRE)--Oct. 2, 2020-- IVERIC bio, Inc. (Nasdaq: ISEE) today reported that on October 1, 2020, the Company granted a newly hired employee a non-statutory option to purchase 14,000 shares of the Company’s common stock. This grant was made pursuant to the Company’s 2019 Inducement Stock Incentive Plan (as amended), was approved by the Company’s compensation committee pursuant to a delegation by the Company’s board of directors, and was made as a material inducement to such employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of the employee’s employment compensation.
The stock option has an exercise price of $5.98 per share, equal to the closing price of IVERIC bio’s common stock on October 1, 2020. The stock option has a ten-year term and vests over four years, with 25% of the shares underlying the option vesting on October 1, 2021 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The vesting of the option is subject to the employee’s continued service with the Company through the applicable vesting date. The inducement grant is subject to the terms and conditions of the award agreement covering the grant and the Company’s 2019 Inducement Stock Incentive Plan (as amended).
About IVERIC bio
IVERIC bio is a science-driven biopharmaceutical company focused on the discovery and development of novel treatment options for retinal diseases with significant unmet medical needs. The Company is currently developing both therapeutic product candidates for age-related retinal diseases and gene therapy product candidates for orphan inherited retinal diseases. Vision is Our Mission. For more information on the Company please visit www.ivericbio.com.
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Source: IVERIC bio, Inc.