IVERIC bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
November 05 2019 - 08:00AM
Business Wire
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.
ISEE-G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191105005136/en/
Investor / Media: IVERIC bio Kathy Galante, 212-845-8231
Vice President, Investor Relations and Corporate Communications
kathy.galante@ivericbio.com
Media: SmithSolve Alex Van Rees, 973-442-1555 ext. 111
alex.vanrees@smithsolve.com
IVERIC bio (NASDAQ:ISEE)
Historical Stock Chart
From Feb 2024 to Mar 2024
IVERIC bio (NASDAQ:ISEE)
Historical Stock Chart
From Mar 2023 to Mar 2024