Iveric Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
NEW YORK--(BUSINESS WIRE)--Aug. 3, 2021--
IVERIC bio, Inc. (Nasdaq: ISEE) today reported that on August 2, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to five newly hired employees. The inducement grants were approved by the Company’s compensation and talent strategy committee pursuant to a delegation by the Company’s board of directors and were made as a material inducement to each employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation. The Company granted:
to Christopher Simms, the Company’s Senior Vice President, Chief Commercial Officer, a non-statutory option to purchase 160,000 shares of the Company’s common stock, a grant of 75,000 restricted stock units for shares of the Company’s common stock and a separate grant of 15,000 restricted stock units for shares of the Company’s common stock; and
to four other non-executive employees, non-statutory options to purchase an aggregate of 64,400 shares of the Company’s common stock.
Each of the granted stock options has an exercise price of $8.64 per share, equal to the closing price of Iveric Bio’s common stock on August 2, 2021. The stock options each have a ten-year term and vest over four years, with 25% of the shares underlying each option vesting on August 2, 2022 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The restricted stock unit grant of 75,000 shares to Mr. Simms vests with respect to 25% of the shares underlying the grant on each of August 2, 2022, August 2, 2023, August 2, 2024 and August 2, 2025. The other restricted stock unit grant to Mr. Simms of 15,000 shares vests with respect to 100% of the shares underlying the grant on August 2, 2022. The vesting of each grant is subject to the applicable employee’s continued service with the Company through the applicable vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and the Company’s 2019 Inducement Stock Incentive Plan.
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. For more information on the Company, please visit www.ivericbio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005224/en/
Kathy Galante, 212-845-8231
Senior Vice President, Investor Relations
Alex Van Rees, 973-442-1555 ext. 111
Source: IVERIC bio, Inc.