NewAmsterdam Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

NewAmsterdam Pharma (Nasdaq: NAMS) announced that its Compensation Committee approved inducement share options for three new non-executive employees. A total of 195,000 ordinary shares were granted under the 2024 Inducement Plan, in line with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $20.58 per share, matching the closing price on July 1, 2024. The shares will vest over four years, starting with 25% on the one-year anniversary of the vesting commencement date, followed by 36 equal monthly installments, subject to continued employment.

Positive

• 195,000 share options granted to new non-executive employees, potentially indicating confidence in new hires.
• Options have an exercise price of $20.58, matching the closing market price on July 1, 2024.

Negative

• The vesting period of four years may delay potential benefits for employees and possibly affect employee retention if market conditions worsen.

NAARDEN, The Netherlands and MIAMI, July 03, 2024 (GLOBE NEWSWIRE) -- NewAmsterdam Pharma Company N.V. (Nasdaq: NAMS or “NewAmsterdam” or the “Company”), a late-stage, clinical biopharmaceutical company developing oral, non-statin medicines for patients at risk of cardiovascular disease (“CVD”) with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced that the Compensation Committee of NewAmsterdam’s Board of Directors approved the grant of inducement share options covering an aggregate of 195,000 of NewAmsterdam’s ordinary shares to three non-executive new hires. The share options were granted as an inducement material to the employees’ acceptance of employment with NewAmsterdam pursuant to the NewAmsterdam Pharma Company N.V. 2024 Inducement Plan (the “2024 Inducement Plan”) and in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price per share equal to $20.58, which represents the closing market price on the Nasdaq Stock Market of the Company’s ordinary shares on July 1, 2014, the grant date. The shares subject to the options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 equal monthly installments thereafter, subject to each employee’s continued service with NewAmsterdam on such vesting dates. The options are subject to the terms and conditions of the 2024 Inducement Plan and the terms and conditions of an option award agreement covering the grant.

About NewAmsterdam
NewAmsterdam Pharma (Nasdaq: NAMS) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well tolerated. We seek to fill a significant unmet need for a safe, well-tolerated and convenient LDL-lowering therapy. In multiple phase 3 studies, NewAmsterdam is investigating obicetrapib, an oral, low-dose and once-daily CETP inhibitor, alone or as a fixed-dose combination with ezetimibe, as LDL-C lowering therapies to be used as an adjunct to statin therapy for patients at risk of CVD with elevated LDL-C, for whom existing therapies are not sufficiently effective or well tolerated.

Company Contact
Matthew Philippe
P: 1-917-882-7512
matthew.philippe@newamsterdampharma.com

FAQ

What did NewAmsterdam Pharma announce on July 3, 2024?

NewAmsterdam Pharma announced the approval of inducement share options for three new non-executive employees under the 2024 Inducement Plan.

How many shares were granted to new employees by NewAmsterdam Pharma?

NewAmsterdam Pharma granted share options covering 195,000 ordinary shares.

What is the exercise price for the share options granted by NewAmsterdam Pharma?

The exercise price for the share options is $20.58 per share.

Over what period will the NewAmsterdam Pharma share options vest?

The share options will vest over four years, with 25% vesting after one year and the remaining shares vesting monthly over the next three years.

What Nasdaq rule does NewAmsterdam Pharma's inducement grant comply with?

The inducement grant complies with Nasdaq Listing Rule 5635(c)(4).