Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
PARSIPPANY, N.J.--(BUSINESS WIRE)--Jul. 5, 2023--
IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on July 3, 2023, the Company granted equity-based awards pursuant to the Company’s 2019 Inducement Stock Incentive Plan to 23 newly-hired, non-executive employees. 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 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 inducement grants consisted of 124,860 restricted stock units for shares of the Company’s common stock. The restricted stock units vest with respect to 25% of the shares underlying the units on July 1, 2024 and 6.25% of the shares underlying the units on the first day of each of the subsequent 12 calendar quarters (October 1, 2024, January 2, 2025, April 1, 2025, July 1, 2025, October 1, 2025, January 2, 2026, April 1, 2026, July 1, 2026, October 1, 2026, January 2, 2027, April 1, 2027 and July 1, 2027). 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.