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

Rhea-AI Summary

On April 13, 2021, Schrödinger, Inc. (Nasdaq: SDGR) granted non-statutory stock options for 7,450 shares to three new employees as part of their compensation under the 2021 Inducement Equity Incentive Plan. The options have an exercise price of $75.53 per share and a ten-year term, with a four-year vesting schedule. Schrödinger's physics-based software platform enhances the discovery of therapeutics and materials more efficiently than traditional methods. The company, founded in 1990, has over 450 employees and operates globally across various sectors.

Positive

• Granting of stock options may attract talent to the company.
• Stock options are at the current market price, aligning employee incentives with company performance.

Negative

• None.

Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on April 13, 2021, the company granted non-statutory stock options to purchase an aggregate of 7,450 shares of the company’s common stock to three 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 $75.53 per share, equal to the closing price of Schrödinger’s common stock on April 13, 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/20210416005046/en/

FAQ

What stock options were granted by Schrödinger on April 13, 2021?

On April 13, 2021, Schrödinger granted non-statutory stock options to purchase 7,450 shares of common stock to three newly-hired employees.

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

The exercise price of the stock options granted by Schrödinger is $75.53 per share.

What is the vesting period for the stock options granted by Schrödinger?

The stock options granted by Schrödinger have a ten-year term and vest over four years.

Under what plan were the stock options granted by Schrödinger?

The stock options were granted under Schrödinger’s 2021 Inducement Equity Incentive Plan.

How does Schrödinger's software platform benefit drug discovery?

Schrödinger's software platform enables the discovery of high-quality, novel molecules more rapidly and at lower costs compared to traditional methods.