Nabriva Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Nabriva Therapeutics (NASDAQ: NBRV) has granted a stock option for 100,000 ordinary shares to newly appointed General Counsel, Christopher Naftzger. This inducement grant was effective on September 30, 2021, with an exercise price of $1.19 per share, matching the closing share price on that date. The option has a 10-year term, vesting 25% annually over four years, contingent on Naftzger’s continued employment. This decision aligns with Nasdaq’s inducement grant exception, aimed at enhancing employee compensation.

Positive

• Inducement stock option granted to a key executive, potentially enhancing retention and performance.
• Stock option aligns with Nasdaq regulations, indicating compliance with corporate governance standards.

Negative

• None.

DUBLIN, Ireland, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Nabriva Therapeutics plc (NASDAQ: NBRV), a biopharmaceutical company engaged in the commercialization and development of innovative anti-infective agents to treat serious infections, today announced that it has granted a non-statutory stock option to purchase an aggregate of 100,000 ordinary shares of Nabriva Therapeutics as an inducement to Christopher Naftzger, Nabriva’s newly appointed General Counsel. This grant was awarded pursuant to the Nasdaq inducement grant exception as a component of new hire employment compensation.

The stock option was granted effective September 30, 2021 with an exercise price of $1.19 per share, which is equal to the closing price of Nabriva Therapeutics’ ordinary shares on the date of grant. The stock option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the annual anniversary of the grant date until fully vested, subject to the employee's continued service with the Company through the applicable vesting dates. The stock option award was approved by Nabriva Therapeutics’ Compensation Committee and was granted as an inducement material to the new employee’s acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option is subject to the terms and conditions of a stock option agreement covering the grant and Nabriva Therapeutics’ 2021 Inducement Share Incentive Plan.

About Nabriva Therapeutics plc
Nabriva Therapeutics is a biopharmaceutical company engaged in the commercialization and development of innovative anti-infective agents to treat serious infections. Nabriva Therapeutics received U.S. Food and Drug Administration approval for XENLETA® (lefamulin injection, lefamulin tablets), the first systemic pleuromutilin antibiotic for community-acquired bacterial pneumonia (CABP). Nabriva Therapeutics is also developing CONTEPO™ (fosfomycin) for injection, a potential first-in-class epoxide antibiotic for complicated urinary tract infections (cUTI), including acute pyelonephritis. Nabriva entered into an exclusive agreement with subsidiaries of Merck & Co. Inc., Kenilworth, N.J., USA to market, sell and distribute SIVEXTRO® (tedizolid phosphate) in the United States and certain of its territories.

CONTACTS:

For Investors
Kim Anderson
Nabriva Therapeutics plc
ir@nabriva.com

For Media
Andrea Greif
Ogilvy
andrea.greif@ogilvy.com 
914-772-3027

FAQ

What is the significance of the stock option granted to Christopher Naftzger at Nabriva Therapeutics?

The stock option is significant as it incentivizes the newly appointed General Counsel, aligning his interests with shareholders and potentially improving company performance.

What was the exercise price for the stock option granted to Nabriva's General Counsel?

The exercise price for the stock option granted to Christopher Naftzger was $1.19 per share, which is equal to the closing price on the grant date.

How long is the term for the stock option granted to Nabriva Therapeutics' General Counsel?

The term for the stock option is 10 years, with vesting occurring over four years.

When was the stock option for Nabriva's General Counsel effective?

The stock option was effective as of September 30, 2021.