Invitae Reports Inducement Grants Under NYSE Rule 303A.08

Rhea-AI Summary

Invitae Corporation (NYSE: NVTA) announced the grant of restricted stock units (RSUs) to its new Chief Operating Officer, Kenneth D. Knight, and Chief Digital Officer, Karthik Suri. A total of 475,000 shares were allocated under the 2015 Stock Incentive Plan for inducement awards, in compliance with NYSE Rule 303A.08. Knight received 250,000 RSUs, and Suri received 150,000 RSUs, both subject to vesting conditions over several years. The grants aim to incentivize key personnel to enhance company performance.

Positive

• Inducement grants totaling 475,000 RSUs demonstrate strategic hiring efforts.
• Appointment of experienced executives may lead to improved operational efficiency.

Negative

• None.

SAN FRANCISCO, Aug. 4, 2020 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), a leading medical genetics company, today announced that it granted restricted stock units ("RSUs") to Kenneth D. Knight, Invitae's new Chief Operating Officer and Karthik Suri, Invitae's new Chief Digital Officer. The RSUs were granted under Invitae's 2015 Stock Incentive Plan, which was amended and restated to create an additional pool of 475,000 shares of Invitae common stock to be used exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The RSUs were approved by the Board of Directors of Invitae and were made as an inducement material to each employee entering into employment with Invitae in reliance on the employment inducement exemption under Rule 303A.08.

In connection with his appointment as Chief Operating Officer, Mr. Knight was granted an inducement award of 250,000 RSUs, with one-third of the RSUs vesting on each of the first three anniversaries of May 15, 2020, subject to his continued service as an employee of Invitae through the applicable vesting dates. Mr. Knight was granted an additional 75,000 RSUs which will vest with respect to 50% of the common stock underlying the RSUs on December 15, 2020, and with respect to the remainder, on June 15, 2021.

Mr. Suri was granted an award of 150,000 RSUs in connection with his appointment as Chief Digital Officer, with one-third of the RSUs vesting on each of the first three anniversaries of May 15, 2020, subject to his continued service as an employee of Invitae through the applicable vesting dates.

All RSU grants described above will be subject to the terms and conditions of the 2015 Stock Incentive Plan and the applicable stock award agreements.

About Invitae
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company, whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit the company's website at invitae.com.

Source: Invitae Corporation

Contact:
Laura D'Angelo
ir@invitae.com
(628) 213-3369

View original content to download multimedia:http://www.prnewswire.com/news-releases/invitae-reports-inducement-grants-under-nyse-rule-303a08-301106145.html

SOURCE Invitae Corporation

FAQ

What is the stock symbol for Invitae Corporation?

The stock symbol for Invitae Corporation is NVTA.

What were the RSUs granted to Kenneth D. Knight?

Kenneth D. Knight was granted 250,000 RSUs as part of his inducement award.

What is the significance of NYSE Rule 303A.08 for Invitae?

NYSE Rule 303A.08 requires companies to issue inducement awards to attract key personnel, which Invitae complied with by granting RSUs.

How many RSUs were granted to Karthik Suri?

Karthik Suri was granted 150,000 RSUs in connection with his appointment.

What is the vesting schedule for the RSUs granted?

The RSUs vest over a period of three years, with one-third vesting on each anniversary.