IVERIC bio, Inc. (NASDAQ: ISEE) today reported that on February 1, 2022, the Company granted an equity-based award pursuant to the Company's 2019 Inducement Stock Incentive Plan to one newly-hired, non-executive employee. This inducement grant was 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 the 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 grant consisted of non-statutory stock option to purchase 14,000 shares of the Company's common stock.
The stock options each have an exercise price of $14.43 per share, equal to the closing price of Iveric Bio's common stock on February 1, 2022. The stock option has a ten-year term and vests over four years, with 25% of the shares underlying the option vesting on February 1, 2023 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter. The vesting of the grant is subject to the employee's continued service with the Company through the applicable vesting date. The inducement grant is subject to the terms and conditions of award agreement covering the grant 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 retina diseases including all stages of age-related macular degeneration. For more information on the Company, please visit www.ivericbio.com.
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