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

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) announced on May 15, 2021, the granting of stock options to 11 newly hired employees, totaling 22,775 shares. The options, part of the 2021 Inducement Equity Incentive Plan, have an exercise price of $61.24 per share and vest over four years. This initiative aims to attract talent by enhancing employment compensation. Schrödinger is known for its physics-based software platform that accelerates therapeutic and material discovery, aiding various sectors globally.

Positive

• Granting of 22,775 stock options to attract new talent.
• Stock options align with closing price of $61.24, which is favorable for employees.

Negative

• None.

Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on May 15, 2021, the company granted non-statutory stock options to purchase an aggregate of 22,775 shares of the company’s common stock to 11 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 $61.24 per share, equal to the closing price of Schrödinger’s common stock on May 14, 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/20210519005108/en/

FAQ

What stock options did Schrödinger grant on May 15, 2021?

On May 15, 2021, Schrödinger granted non-statutory stock options totaling 22,775 shares to 11 new employees.

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

The exercise price of the stock options is $61.24 per share.

How long is the vesting period for the stock options granted by Schrödinger?

The stock options vest over four years, with 25% vesting after 12 months and the remainder vesting in monthly installments.

Under what plan were the stock options granted by Schrödinger?

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

How does Schrödinger's software platform benefit drug discovery?

Schrödinger's physics-based software platform accelerates the discovery of high-quality molecules for drug development and materials at lower costs.