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

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) announced the grant of non-statutory stock options totaling 32,425 shares to 17 newly hired employees as part of its 2021 Inducement Equity Incentive Plan on February 14, 2022. These options, which have an exercise price of $26.99 per share, will vest over four years. The grants aim to attract talent, complying with Nasdaq Listing Rule 5635(c)(4). Schrödinger leverages its physics-based software platform for drug discovery and materials development, engaging with clients across over 70 countries.

Positive

• Granting 32,425 stock options to attract talent, indicating growth and recruitment efforts.
• Options have a ten-year term and industry-standard vesting schedule.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on February 14, 2022, the company granted non-statutory stock options to purchase an aggregate of 32,425 shares of the company’s common stock to 17 newly hired employees, including seven newly hired employees based in India. 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 stock options have an exercise price of $26.99 per share, equal to the closing price of Schrödinger’s common stock on February 14, 2022. Each stock option has a ten-year term and vests over four years, with 25 percent of the shares underlying the option vesting when the employee completes 12 months of continuous service measured from the employment start date and the balance of the shares vesting as follows: (i) for U.S.-based new hires, in a series of successive equal monthly installments of 1/48 of the original number of shares upon the employee’s completion of each additional month of service over the 36 months following the first anniversary of the employment start date; and (ii) for India-based new hires, in a series of successive equal annual installments of 1/4 of the original number of shares upon the employee’s completion of each additional year of service over the three-year period following the first anniversary of the employment start 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 software 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 software platform is used 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 collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com, follow us on LinkedIn and Twitter, or visit our blog, Extrapolations.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005042/en/

Investor contact:

Jaren Madden

ir@schrodinger.com

Source: Schrödinger, Inc.

FAQ

What stock options did Schrödinger grant on February 14, 2022?

Schrödinger granted 32,425 non-statutory stock options to 17 newly hired employees on February 14, 2022.

What is the exercise price of the stock options granted by Schrödinger?

The exercise price of the stock options granted by Schrödinger is $26.99 per share.

How long is the vesting period for the stock options at Schrödinger?

The stock options vest over a four-year period.

What plan were the stock options granted under at Schrödinger?

The stock options were granted under the 2021 Inducement Equity Incentive Plan.

How does the stock option vesting schedule differ for U.S. and India-based hires at Schrödinger?

U.S.-based hires vest options in monthly installments over three years, while India-based hires vest them in annual installments over three years.