Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
PARSIPPANY, N.J.--(BUSINESS WIRE)--Jul. 1, 2022--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on July 1, 2022, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to one newly-hired, non-executive employee. These 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 this employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.
The inducement grants consisted of a non-statutory stock option to purchase 35,000 shares of the Company’s common stock and 3,000 restricted stock units for shares of the Company’s common stock.
The stock option has an exercise price of $9.40 per share, equal to the closing price of Iveric Bio’s common stock on July 1, 2022. The stock option grant has a ten-year term and vest over four years, with 25% of the shares underlying the option vesting on July 1, 2023 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 vests with respect to 50% of the shares underlying the units on October 1, 2022 and the remaining 50% of the shares underlying the units on April 1, 2023. The vesting of the grants 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 treatments for retinal diseases with significant unmet medical needs. The Company is committed to having a positive impact on patients’ lives by delivering high-quality, safe and effective treatments designed to address debilitating retinal diseases including earlier stages of age-related macular degeneration. For more information on the Company, please visit www.ivericbio.com.
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Source: IVERIC bio, Inc.