Apellis Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Apellis Pharmaceuticals (APLS) announced the approval of equity inducement awards to four new employees on May 2, 2022, under its 2022 Inducement Stock Incentive Plan. The awards consist of options to purchase 19,031 shares and 23,332 restricted stock units (RSUs). The exercise price for options is set at $44.96, reflecting the stock's closing price on the grant date. Vesting for options will occur over four years, while RSUs will vest over four years as well, contingent on ongoing employment.

Positive

• Equity inducement awards can attract and retain skilled employees, promoting company growth.
• Options and RSUs align employee interests with shareholder value over time.

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• None.

WALTHAM Mass., May 06, 2022 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in complement, today announced that the company approved the grant of equity awards to four new employees with a grant date of May 2, 2022, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2022 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 19,031 shares of Apellis common stock and 23,332 restricted stock units (RSUs). The options have an exercise price of $44.96, which is equal to the closing price of Apellis common stock on May 2, 2022, the grant date of the options. One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ 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 each such employee's 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 complement, we ushered in the first new class of complement medicine in 15 years with the approval of the first and only targeted C3 therapy. We are advancing this science to continually develop transformative medicines for people living with rare, retinal, and neurological diseases. For more information, please visit http://apellis.com or follow us on Twitter and LinkedIn.

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. These statements include, but are not limited to, statements regarding timing of anticipated regulatory submissions. 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, as discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2022 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:
Meredith Kaya
meredith.kaya@apellis.com 
617.599.8178

FAQ

What equity awards did Apellis Pharmaceuticals grant?

Apellis Pharmaceuticals granted options to purchase 19,031 shares and 23,332 restricted stock units (RSUs) to four new employees.

What is the exercise price for the options granted by Apellis Pharmaceuticals?

The options have an exercise price of $44.96, which was the closing price on the grant date, May 2, 2022.

How will the equity awards vest for Apellis employees?

Options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly. RSUs will vest similarly over four years.

Under what plans were the equity awards granted by Apellis Pharmaceuticals?

The equity awards were approved under the 2022 Inducement Stock Incentive Plan.

When were the equity awards approved by Apellis Pharmaceuticals?

The equity awards were approved on May 2, 2022.