Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK--(BUSINESS WIRE)--Oct. 4, 2021--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on October 1, 2021, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to eight newly-hired, non-executive 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 the 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 inducement grants consisted of non-statutory stock options to purchase an aggregate of 375,000 shares of the Company’s common stock and two separate tranches of an aggregate of 49,000 restricted stock units for shares of the Company’s common stock.
The stock options each have an exercise price of $16.65 per share, equal to the closing price of Iveric Bio’s common stock on October 1, 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 October 1, 2022 and an additional 2.0833% of the shares underlying each option vesting at the end of each successive month thereafter. Grants in the first tranche of 18,000 restricted stock units each vest with respect to 25% of the shares underlying the applicable grant on each of October 1, 2022, October 1, 2023, October 1, 2024 and October 1, 2025. Grants in the second tranche of 31,000 restricted stock units each vest with respect to 100% of the shares underlying the applicable grant on October 1, 2022. The vesting of each grant is subject to the 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.
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.