EyePoint Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) granted non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan. The options allow the purchase of up to 15,000 shares of EyePoint Pharmaceuticals common stock at an exercise price of $6.69 per share. The options have a ten-year term and vest over four years, subject to the employee’s continued service with the company.

WATERTOWN, Mass., Nov. 16, 2023 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to help improve the lives of patients with retinal diseases, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The Company granted stock options to purchase up to an aggregate of 15,000 shares of EyePoint Pharmaceuticals common stock to five new employees. The stock options were granted on November 15, 2023. The grants were approved by the Compensation Committee and made as an inducement material to each employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards have an exercise price of $6.69 per share, the closing price of EyePoint Pharmaceuticals’ common stock on November 15, 2023. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years. Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (Nasdaq: EYPT) is a company committed to developing and commercializing therapeutics to help improve the lives of patients with retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal anti-VEGF treatment currently in Phase 2 clinical trials. The proven Durasert^® drug delivery platform has been safely administered to thousands of patients' eyes across four U.S. FDA approved products. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts. For more information visit www.eyepointpharma.com.

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Stern IR
Direct: 212-698-8700
christina.tartaglia@sternir.com

Media Contact:
Amy Phillips
Green Room Communications
Direct: 412-327-9499
aphillips@greenroompr.com

What is the purpose of the stock options granted by EyePoint Pharmaceuticals, Inc.?

The stock options were granted as inducement awards to new employees outside the Company’s 2023 Long-Term Incentive Plan.

How many shares can be purchased through the stock options?

Up to an aggregate of 15,000 shares of EyePoint Pharmaceuticals common stock can be purchased through the stock options.

What is the exercise price of the stock options?

The exercise price of the stock options is $6.69 per share.

How long is the term of the stock options?

The stock options have a ten-year term.

How do the stock options vest?

The stock options vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years.