Altimmune Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Altimmune, Inc. (Nasdaq: ALT) announced the recruitment of Richard Eisenstadt as Chief Financial Officer, effective December 31, 2021. The Compensation Committee granted him equity awards under its 2018 Inducement Grant Plan, which includes options for 150,000 shares and 50,000 restricted stock units (RSUs). The exercise price for options will match the stock's closing price on the Grant Date. Vesting for these awards is contingent upon Mr. Eisenstadt’s continued employment, with full vesting occurring over four years.
- Appointment of Richard Eisenstadt as CFO could bring strategic financial leadership.
- Need for equity awards may indicate previous challenges in attracting top financial talent.
GAITHERSBURG, Md., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced that the Compensation Committee of its Board of Directors granted equity awards under Altimmune’s 2018 Inducement Grant Plan, as a material inducement to employ Richard Eisenstadt as Altimmune’s Chief Financial Officer effective December 31, 2021. The equity awards were approved on December 9, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
Mr. Eisenstadt received, in the aggregate, options to purchase 150,000 shares of Altimmune’s common stock, and 50,000 restricted stock units (“RSUs”). The options will have an exercise price equal to the closing price of Altimmune’s common stock on December 31, 2021 (the “Grant Date”). Based on the closing price Altimmune’s common stock on December 10, 2021, Altimmune would issue approximately 107,500 options as inducement awards under its 2018 Inducement Grant Plan, and the balance as incentive stock options under its 2017 Omnibus Incentive Plan. The final allocation of options between the 2018 Inducement Grant Plan and 2017 Omnibus Plan are subject to adjustment based on the closing price of Altimmune’s common stock on the Grant Date. One-fourth of the shares underlying the options will vest on the one-year anniversary of the Grant Date and thereafter 1/36th of the shares underlying the options will vest monthly, such that the shares underlying the options will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to Mr. Eisenstadt’s continued employment with Altimmune on such vesting dates.
One-fourth of the RSUs will vest on the one-year anniversary of the Grant Date and thereafter the RSUs will vest in three substantially equal annual installments, such that the RSUs will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to Mr. Eisenstadt’s continued employment with Altimmune on such vesting dates.
About Altimmune
Altimmune is a clinical stage biopharmaceutical company focused on developing treatments for obesity and liver diseases. Altimmune’s pipeline includes next generation peptide therapeutics for obesity, NASH (pemvidutide), and chronic hepatitis B (HepTcell™). For more information on Altimmune, please visit www.altimmune.com.
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Investor & Media Contacts:
Vipin K. Garg, Ph.D.
President and Chief Executive Officer
Phone: 240-654-1450
vgarg@altimmune.com
FAQ
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