Apellis Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) to New VP, Corporate Controller / Chief Accounting Officer

Rhea-AI Summary

On September 3, 2021, Apellis Pharmaceuticals (Nasdaq: APLS) announced the approval of equity awards for Jim Chopas, its newly appointed VP, Corporate Controller / Chief Accounting Officer. The award includes options to purchase 21,750 shares at an exercise price of $65.41, equal to the stock's closing price on the grant date. Additionally, 7,600 restricted stock units (RSUs) were granted. The vesting schedule for both options and RSUs is contingent on Chopas' continued employment with the company. This appointment aligns with Nasdaq Listing Rule 5635(c)(4).

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• Equity awards granted to newly appointed VP may enhance company leadership.
• Options and RSUs align with industry standards for executive compensation.

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• None.

WALTHAM, Mass., Sept. 03, 2021 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in targeted C3 therapies, today announced that the company approved the grant of equity awards to its newly appointed VP, Corporate Controller / Chief Accounting Officer, Jim Chopas, with a grant date of August 30, 2021, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2021 Inducement Stock Incentive Plan) and material to Mr. Chopas entering into employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Chopas received options to purchase 21,750 shares of Apellis common stock and 7,600 restricted stock units (RSUs). The options have an exercise price of $65.41, which is equal to the closing price of Apellis common stock on August 30, 2021, the grant date of the options. One-fourth of the shares underlying the options will vest on the one year anniversary of the grant date and thereafter 1/48th 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, subject to Mr. Chopas’ continued employment with Apellis on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to Mr. Chopas’ continued employment on each vesting date.

About Apellis
Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that is committed to leveraging courageous science, creativity, and compassion to deliver life-changing therapies. Leaders in targeted C3 therapies, we aim to develop transformative therapies for a broad range of debilitating diseases that are driven by excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology. For more information, please visit www.apellis.com.

Apellis Forward-Looking Statement 
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2021 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact:
Argot Partners
apellis@argotpartners.com
+1 212.600.1902

FAQ

What equity awards were granted to Jim Chopas at Apellis on August 30, 2021?

Jim Chopas received options to purchase 21,750 shares and 7,600 restricted stock units (RSUs) as part of his equity inducement compensation.

What is the exercise price for the options granted to Jim Chopas?

The exercise price for the options is $65.41, which matches the closing stock price of Apellis on the grant date.

What are the vesting terms for the equity awards granted to Jim Chopas?

The options vest 25% after one year and then monthly over four years, while the RSUs vest 25% annually, contingent on continued employment.