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Schrödinger Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
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Schrödinger, Inc. (SDGR) reports granting of non-statutory stock options and restricted stock units to newly hired employees as a material inducement to employment. The stock options have an exercise price of $53.35 per share and a ten-year term, while the RSUs vest over four years. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) and the company’s 2021 Inducement Equity Incentive Plan.
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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 14, 2023, the company granted (i) non-statutory stock options to purchase 10,250 shares of the company’s common stock to nine newly hired employees and (ii) restricted stock units (RSUs) with respect to 6,225 shares of the company’s common stock to nine 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 stock options have an exercise price of $53.35 per share, equal to the closing price of Schrödinger’s common stock on July 14, 2023. The stock options have a ten-year term and vest 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-month period following the first anniversary of the employment start date; and (ii) for the new hire based outside of the United States, 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 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 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 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 800 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.
What did Schrödinger, Inc. (SDGR) report on July 14, 2023?
Schrödinger, Inc. (SDGR) reported granting non-statutory stock options and restricted stock units to newly hired employees as a material inducement to employment.
What is the exercise price of the stock options granted?
The stock options have an exercise price of $53.35 per share.
How long is the term of the stock options?
The stock options have a ten-year term.
How do the RSUs vest?
The RSUs vest over four years, with 25 percent vesting after 12 months of continuous service and the balance vesting in successive installments over the following three years.
What is the purpose of the grants made by Schrödinger, Inc. (SDGR)?
The grants were made as a material inducement to newly hired employees’ acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) and the company’s 2021 Inducement Equity Incentive Plan.
