Schrödinger Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Schrödinger (Nasdaq: SDGR), a company using physics-based computational platforms for drug and materials discovery, has reported granting restricted stock units (RSUs) to eight new employees. The grants, totaling 9,990 shares of common stock, were made on July 12, 2024, under the company's 2021 Inducement Equity Incentive Plan.

These RSUs are part of the employees' compensation packages and were approved as a material inducement for their employment, in compliance with Nasdaq Listing Rule 5635(c)(4). The RSUs have a four-year vesting schedule, with 25% vesting after 12 months of continuous service and the remaining 75% vesting in equal yearly installments over the following three years.

Positive

• Schrödinger is attracting new talent with equity incentives
• The company is utilizing its 2021 Inducement Equity Incentive Plan to retain employees

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, today reported that on July 12, 2024, the company granted restricted stock units (RSUs) with respect to 9,990 shares of the company’s common stock to eight newly hired employees. These grants were made pursuant to the company’s 2021 Inducement Equity Incentive Plan, were approved by the compensation committee of the board of directors pursuant to a delegation by the company’s board of directors, and were made as a material inducement to such employees’ acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.

The RSUs vest over four years, with 25 percent of such RSUs vesting when such employee completes 12 months of continuous service measured from the vesting commencement date, and the balance of the RSUs vesting in a series of successive equal yearly installments of 1/4 of the original number of RSUs upon each such employee’s completion of each additional year of service over the three-year period following the first anniversary of the vesting commencement date.

The inducement grants are subject to the terms and conditions of award agreements covering the grants and the company’s 2021 Inducement Equity Incentive Plan.

About Schrödinger

Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based computational platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The computational platform is licensed by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger’s multidisciplinary drug discovery team also leverages the software platform to advance a portfolio of collaborative and proprietary programs to address unmet medical needs.

Founded in 1990, Schrödinger has approximately 850 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com, follow us on LinkedIn, or visit our blog, Extrapolations.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240716769058/en/

Investor contact:

Allie Nicodemo

allie.nicodemo@schrodinger.com

Source: Schrödinger

FAQ

How many restricted stock units (RSUs) did Schrödinger (SDGR) grant on July 12, 2024?

Schrödinger (SDGR) granted restricted stock units (RSUs) with respect to 9,990 shares of the company's common stock on July 12, 2024.

What is the vesting schedule for the RSUs granted by Schrödinger (SDGR)?

The RSUs vest over four years, with 25% vesting after 12 months of continuous service and the remaining 75% vesting in equal yearly installments over the following three years.

Under which plan were the RSUs granted by Schrödinger (SDGR)?

The RSUs were granted under Schrödinger's 2021 Inducement Equity Incentive Plan.

How many new employees received RSU grants from Schrödinger (SDGR) on July 12, 2024?

Eight newly hired employees received RSU grants from Schrödinger (SDGR) on July 12, 2024.