Item 2.02. Results of Operations and Financial Condition.
On May 5, 2021, IVERIC bio, Inc. (the "Company") announced its financial results
for the three months ended March 31, 2021. The full text of the press release
issued in connection with the announcement is furnished as Exhibit 99.1 to this
Current Report on Form 8-K.
The information in Items 2.02 and 9.01 of this Form 8-K (including Exhibit 99.1)
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference in such a
filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 1, 2021, Dr. Pravin U. Dugel, M.D., who previously served as our
Executive Vice President, Chief Strategy and Business Officer since April 1,
2020, was promoted to President of the Company. The Company's previous
President, Glenn P. Sblendorio, remains the Company's chief executive officer
and is no longer serving as President as of May 1, 2021.
Dr. Dugel's biographical information is set forth in the Company's definitive
proxy statement for the 2021 annual meeting of stockholders, filed with the
Securities and Exchange Commission on April 7, 2021, and such biographical
information is incorporated by reference herein.
In connection with this promotion, Dr. Dugel will receive, effective May 1,
2021, annual cash base salary of $530,000. The Company's compensation and talent
strategy committee approved an increase, effective starting in 2021, in Dr.
Dugel's target percentage for short-term cash incentive compensation from 45% to
50% of his base salary. In addition, on May 3, 2021, Dr. Dugel was granted (a)
an option to purchase 35,000 shares of the Company's common stock at a per share
exercise price of $7.17, which was the closing price of the Company's common
stock on May 3, 2021, and (b) 17,250 restricted stock units of the Company's
common stock, in each case in accordance with and subject to the terms of the
Company's 2013 Stock Incentive Plan.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and
not filed:
99.1 Press Release dated May 5, 2021
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