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

Rhea-AI Summary

Schrödinger, Inc. (Nasdaq: SDGR) recently granted stock options to 13 new employees, totaling 25,150 shares under its 2021 Inducement Equity Incentive Plan. The options, priced at $57.40 per share, were approved by the compensation committee and are intended to attract talent. Each option has a 10-year term, vesting over four years. Schrödinger's innovative software platform advances drug development and material science, serving clients globally to accelerate the discovery of novel therapeutics.

Positive

• Granting stock options to 13 new employees may enhance talent acquisition.
• Stock options are priced at $57.40, reflecting the company's current market position.
• The software platform is recognized for its efficiency in drug development, suggesting strong growth potential.

Negative

• None.

Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on August 16, 2021, the company granted non-statutory stock options to purchase an aggregate of 25,150 shares of the company’s common stock to 13 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 $57.40 per share, equal to the closing price of Schrödinger’s common stock on August 16, 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 500 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/20210818005101/en/

FAQ

What stock options were granted by Schrödinger, Inc. on August 16, 2021?

On August 16, 2021, Schrödinger, Inc. granted stock options for 25,150 shares to 13 new employees under its 2021 Inducement Equity Incentive Plan.

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

The exercise price of the stock options is $57.40 per share, equal to the closing price on the grant date.

How long is the term for the stock options issued by Schrödinger?

The stock options have a 10-year term, vesting over a four-year period.

What is the significance of the stock option grants for SDGR?

The stock option grants serve as a material inducement for new hires and are a strategy for talent retention.