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Acadia Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Acadia Pharmaceuticals Inc. announces the granting of inducement awards to new employees in the form of stock options and restricted stock units. The awards are approved by the Compensation Committee and are in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option has an exercise price of $30.66 per share and will vest over four years, while the RSUs will also vest over four years. The awards are subject to the terms and conditions of Acadia’s 2023 Inducement Plan and an applicable award agreement.
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SAN DIEGO--(BUSINESS WIRE)--
Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that on January 9, 2024, the Compensation Committee of Acadia’s Board of Directors (the “Committee”) granted inducement awards consisting of non-qualified stock options to purchase 39,169 shares of common stock and 13,895 restricted stock units (“RSUs”) to eleven new employees under Acadia’s 2023 Inducement Plan. The Compensation Committee approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $30.66 per share, Acadia’s closing trading price on January 9, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with Acadia through the applicable vesting dates. The RSUs will vest over four years, with 50% of the underlying shares vesting on the second anniversary of the grant date, and the balance of the underlying shares vesting in two equal annual installments measured from the second anniversary of the grant date, subject to the new employees’ continued service relationship with Acadia through the applicable vesting dates. The awards are subject to the terms and conditions of Acadia’s 2023 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
About Acadia Pharmaceuticals
Acadia is advancing breakthroughs in neuroscience to elevate life. For 30 years we have been working at the forefront of healthcare to bring vital solutions to people who need them most. We developed and commercialized the first and only FDA-approved drug to treat hallucinations and delusions associated with Parkinson’s disease psychosis and the first and only FDA-approved drug for the treatment of Rett syndrome. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Prader-Willi syndrome, Alzheimer’s disease psychosis and multiple other programs targeting neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.
Media Contact:
Acadia Pharmaceuticals Inc.
Deb Kazenelson
(818) 395-3043
media@acadia-pharm.com
Investor Contact:
Acadia Pharmaceuticals Inc.
Al Kildani
(858) 261-2872
ir@acadia-pharm.com
Acadia Pharmaceuticals Inc.
Jessica Tieszen
(858) 261-2950
ir@acadia-pharm.com
Source: Acadia Pharmaceuticals Inc.
FAQ
What inducement awards did Acadia Pharmaceuticals Inc. announce?
Acadia Pharmaceuticals Inc. announced the granting of non-qualified stock options to purchase 39,169 shares of common stock and 13,895 restricted stock units to eleven new employees.
What is the exercise price per share for the stock options?
The exercise price per share for the stock options is $30.66, which is Acadia’s closing trading price on January 9, 2024.
How long will it take for the stock options to vest?
The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and the balance vesting monthly thereafter over 36 months.
What are the vesting terms for the restricted stock units (RSUs)?
The RSUs will vest over four years, with 50% of the underlying shares vesting on the second anniversary of the grant date, and the balance vesting in two equal annual installments measured from the second anniversary of the grant date.
What are the conditions for the awards?
The awards are subject to the terms and conditions of Acadia’s 2023 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
