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Acadia Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Sentiment
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Rhea-AI Summary
Acadia Pharmaceuticals announced the grant of inducement awards on February 10, 2023, to 19 new employees under its 2023 Inducement Plan. This includes non-qualified stock options for 310,065 shares and 97,251 restricted stock units (RSUs). The options have an exercise price of $18.97 and will vest over four years. Notably, Douglas J. Williamson, the new Executive VP of Research & Development, received options for 237,296 shares and RSUs for 50,655 shares. These awards are designed to incentivize new hires and comply with Nasdaq regulations.
Positive
Granting of 310,065 stock options and 97,251 RSUs to 19 new employees indicates growth and expansion.
Douglas J. Williamson's appointment and substantial awards signal commitment to strengthening leadership in R&D.
Negative
None.
SAN DIEGO--(BUSINESS WIRE)--
Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that on February 10, 2023, the Compensation Committee of Acadia’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 310,065 shares of common stock and 97,251 restricted stock units (“RSUs”) to 19 new employees under Acadia’s 2023 Inducement Plan. Among such awards was a non-qualified stock option to purchase 237,296 shares of common stock and RSUs covering 50,655 shares of common stock granted to Douglas J. Williamson, Acadia’s newly appointed Executive Vice President, Head of Research & Development. The Compensation Committee of Acadia’s Board of Directors 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 $18.97 per share, the closing price of Acadia’s common stock on February 10, 2023, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued employment 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 applicable vesting commencement date, and the balance of the underlying shares vesting in two equal annual installments measured from the second anniversary of the applicable vesting commencement date, subject to the new employees’ continued employment 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 more than 25 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 approved therapy for hallucinations and delusions associated with Parkinson’s disease psychosis. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Rett syndrome and neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.
Investor Contact:
Acadia Pharmaceuticals Inc. Mark Johnson, CFA
(858) 261-2771
ir@acadia-pharm.com
Media Contact:
Acadia Pharmaceuticals Inc. Deb Kazenelson
(818) 395-3043
media@acadia-pharm.com
Source: Acadia Pharmaceuticals Inc.
FAQ
What inducement awards did Acadia Pharmaceuticals announce on February 10, 2023?
Acadia Pharmaceuticals announced the grant of 310,065 stock options and 97,251 RSUs to 19 new employees under its 2023 Inducement Plan.
What was the exercise price for the stock options granted by Acadia Pharmaceuticals?
The exercise price for the stock options was $18.97 per share, equal to the closing price on February 10, 2023.
Who is Douglas J. Williamson in relation to the recent Acadia Pharmaceuticals press release?
Douglas J. Williamson is the newly appointed Executive Vice President, Head of Research & Development, who received significant stock options and RSUs.
How will the stock options and RSUs vest for the new employees at Acadia Pharmaceuticals?
The stock options will vest over four years, with 25% vesting on the first anniversary and the rest monthly thereafter. The RSUs will vest over four years as well, with 50% vesting on the second anniversary.
What is the purpose of the inducement awards granted by Acadia Pharmaceuticals?
The inducement awards are aimed to attract and retain new employees, complying with Nasdaq Listing Rule 5635(c)(4).
