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

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) announced on June 13, 2021, the grant of non-statutory stock options for 32,850 shares to 14 new employees. This action, part of the 2021 Inducement Equity Incentive Plan, was aimed at encouraging the employees to join the company. Each option has an exercise price of $77.51, equal to the stock's closing price on June 11, 2021. The options vest over four years, with a portion vesting after the first year and the remainder in monthly installments thereafter. Schrödinger continues to leverage its software platform for innovative drug and materials discovery.

Positive

• Company granted non-statutory stock options to 14 new employees, enhancing talent acquisition.
• Options have a ten-year term and exercise price aligned with market value, providing potential for employee engagement.

Negative

• None.

Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on June 13, 2021, the company granted non-statutory stock options to purchase an aggregate of 32,850 shares of the company’s common stock to 14 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 $77.51 per share, equal to the closing price of Schrödinger’s common stock on June 11, 2021. 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 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. 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 450 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com and follow us on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210617005118/en/

FAQ

What are the details of the stock options granted by Schrödinger on June 13, 2021?

Schrödinger granted stock options to purchase 32,850 shares at an exercise price of $77.51 to 14 new employees.

How do the stock options vest for new employees at Schrödinger?

The stock options vest over four years, with 25% vesting after the first year and the rest vesting in monthly installments over the following three years.

What is the purpose of the stock option grants at Schrödinger?

The grants serve as a material inducement for new employees to accept employment with Schrödinger.

What is Schrödinger's main business focus?

Schrödinger focuses on transforming therapeutics and materials discovery through its physics-based software platform.

Where can I find more information about Schrödinger?

More information can be found on Schrödinger's official website at www.schrodinger.com.