Iveric Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEW YORK--(BUSINESS WIRE)--Nov. 5, 2019-- IVERIC bio, Inc. (NASDAQ:ISEE) today reported that on November 1, 2019, the Company granted Dr. Abraham Scaria a non-statutory stock option to purchase 300,000 shares of the Company’s common stock. In addition, on November 1, 2019, the Company granted Dr. Scaria 50,000 restricted stock units for shares of the Company’s common stock. These grants were made pursuant to the Company’s 2019 Inducement Stock Incentive Plan, were approved by the Company’s compensation committee pursuant to a delegation by the Company’s board of directors, and were made as an inducement material to Dr. Scaria’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.
The stock option granted to Dr. Scaria has an exercise price of $3.80 per share, equal to the closing price of IVERIC bio’s common stock on November 1, 2019. The stock option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on November 1, 2020 and an additional 2.0833% of the original number of shares vesting at the end of each successive month thereafter. The restricted stock unit award granted to Dr. Scaria vests with respect to 25% of the shares underlying the award on each of November 1, 2020, November 1, 2021, November 1, 2022 and November 1, 2023. The vesting of each award is subject to Dr. Scaria’s continued service with the Company through the applicable vesting date. The stock options and restricted stock units are subject to the terms and conditions of a stock option agreement and restricted stock unit agreement covering the grants and the Company’s 2019 Inducement Stock Incentive Plan.
About IVERIC bio
IVERIC bio is a biopharmaceutical company focused on the discovery and development of novel treatment options for retinal diseases with significant unmet medical needs. Vision is Our Mission. For more information on the Company please visit www.ivericbio.com.
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Source: IVERIC bio, Inc.
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