Biopharmaceutical company IVERIC bio Inc (NASDAQ:ISEE) disclosed on Monday that it awarded its newly hired chief of staff Dhaval Desai with common stock, restricted stock units and restricted stock units for the acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The company added that the inducement grants consist of a non-statutory option to purchase 160,000 shares of its common stock, 75,000 restricted stock units for shares of its common stock as well as 15,000 restricted stock units for shares of its common stock, respectively.

In addition, the stock option has an exercise price of USD4.29 per share, equal to the closing price of the company's common stock on 3 August 2020. The stock option has a ten year term and vests over four years, with 25% of the shares underlying the option vesting on 3 August 2021 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter.

Subject to Desai's continued service with the company, the grant of 75,000 restricted stock units for shares of its common stock vests with respect to 25% of the shares underlying the grant on each of 3 August 2021, 3 August 2022, 3 August 2023 and 3 August 2024. The grant of 15,000 restricted stock units for shares of its common stock vests with respect to 100% of the shares underlying the grant on 3 August 2021.