Iveric Bio Reports Incentive Grants Under Nasdaq Listing Rule 5635 (c) (4)
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NEW YORK – (BUSINESS WIRE) –
IVERIC bio, Inc. (NASDAQ: ISEE) today announced that on October 1, 2021, the Company has granted share-based awards under the Company’s 2019 stock incentive plan to eight new non-executive employees. The incentive bonuses were approved by the Compensation and Talent Strategy Committee of the Company in accordance with a delegation from the Board of Directors of the Company and were made as an important inducement to accept the employment by the employee with the Company in accordance with Nasdaq Registration Rule 5635 (c) (4) as part of his employment compensation.
The incentive grants consisted of non-statutory stock options to purchase a total of 375,000 common shares of the Company and two separate tranches of a total of 49,000 restricted stock units for the common shares of the Company. .
The stock options each have an exercise price of $ 16.65 per share, equal to the closing price of the Iveric Bio common shares on October 1, 2021. The stock options each have a period of ten years and vest over four years, with 25% of the shares underlying each option acquired on October 1, 2022 and an additional 2.0833% of the shares underlying each option acquired at the end of each successive month afterwards. The grants of the first tranche of 18,000 restricted share units are each vested in respect of 25% of the shares underlying the grant applicable on October 1, 2022, October 1, 2023, October 1, 2024 and October 1, 2025. second tranche of 31,000 restricted share units each vests in respect of 100% of the shares underlying the grant applicable on October 1, 2022. The vesting of each grant is subject to continuity the employee’s services with the Company until the applicable vesting date. Incentive grants are subject to the terms and conditions of the award agreements covering the grants and the Company’s 2019 equity incentive plan.
Iveric Bio is a science-based biopharmaceutical company focused on the discovery and development of new treatment options for diseases of the retina with significant unmet medical needs. The Company is currently developing both therapeutic product candidates for age-related retinal diseases and gene therapy candidates for inherited orphan retinal diseases. Vision is our mission. For more information about the Company, please visit www.ivericbio.com.
Investor / media contact:
Kathy Galante, 212-845-8231
Senior Vice President, Investor Relations
Alex Van Rees, 973-442-1555 ext. 111
Source: IVERIC bio, Inc.