Iveric Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
August 03 2021 - 8:00AM
Business Wire
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.
ISEE-G
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version on businesswire.com: https://www.businesswire.com/news/home/20210803005224/en/
Investor Contact: Iveric Bio Kathy Galante, 212-845-8231
Senior Vice President, Investor Relations
kathy.galante@ivericbio.com
or
Media Contact: SmithSolve Alex Van Rees, 973-442-1555
ext. 111 alex.vanrees@smithsolve.com
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