Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Akebia Therapeutics (Nasdaq: AKBA) announced the granting of stock options to 7 newly-hired employees on November 30, 2020. The options, totaling 49,000 shares, have an exercise price of $3.31 per share, equivalent to the stock's closing price on the grant date. These options will vest over four years, with 25% vesting after one year and the remainder quarterly, contingent on continued employment. This move adheres to Nasdaq Listing Rule 5635(c)(4) and aims to incentivize the new hires.

Positive

• Granted 49,000 stock options to 7 new employees, enhancing recruitment and retention.
• Stock options have a favorable exercise price equal to the stock's closing price.

Negative

• None.

CAMBRIDGE, Mass., Dec. 2, 2020 /PRNewswire/ -- Akebia Therapeutics, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, granted 7 newly-hired employees options to purchase an aggregate of 49,000 shares of Akebia's common stock on November 30, 2020, as inducements material to each such employee's entering into employment with Akebia. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $3.31 per share, which is equal to the closing price of Akebia's common stock on the grant date. Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, in each case, subject to the new employee's continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of the company's Inducement Award Program and a stock option agreement covering the grant.

About Akebia Therapeutics
Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. The Company was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.

Akebia Therapeutics Contact
Kristen K. Sheppard, Esq.
ir@akebia.com 

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SOURCE Akebia Therapeutics

FAQ

What stock options did Akebia Therapeutics grant on November 30, 2020?

On November 30, 2020, Akebia Therapeutics granted stock options for 49,000 shares to 7 newly-hired employees.

What is the exercise price of Akebia's stock options?

The exercise price of the stock options is $3.31 per share.

How long is the vesting period for Akebia's stock options?

The stock options vest over four years, with 25% vesting after the first year and the remainder quarterly.

Is the stock option grant compliant with Nasdaq rules?

Yes, the stock option grant complies with Nasdaq Listing Rule 5635(c)(4).