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Scholar Rock Reports New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Scholar Rock (NASDAQ: SRRK) announced the granting of inducement equity awards totaling 285,000 shares to two new employees. This includes stock options for 255,000 shares and restricted stock units (RSUs) for 30,000 shares. The awards, part of the 2022 Inducement Equity Plan, come with an exercise price of $10.00, which matches the closing stock price on February 13, 2023. Vesting will occur over a defined schedule, emphasizing the importance of employee retention and performance. Scholar Rock focuses on developing innovative therapies for serious diseases influenced by protein growth factors.
Positive
Attracting new talent through equity awards may enhance company performance.
The inducement equity plan aligns employee interests with shareholder value.
Negative
Concerns about employee turnover risks remain, as new hires may require time to adapt.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Scholar Rock (NASDAQ: SRRK; “The Company”), a Phase 3, clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role, today announced that the Company granted inducement equity awards covering an aggregate of 285,000 shares of its common stock to two newly hired employees, consisting of inducement stock options to purchase an aggregate of 255,000 shares of common stock and inducement restricted stock units (“RSUs”), covering an aggregate of 30,000 shares of its common stock.
The awards are subject to all terms and conditions and other provisions set forth in the Company’s 2022 Inducement Equity Plan (“The Plan”) and form of stock option agreement thereunder.
The Plan, which was adopted by the Company’s board of directors on June 16, 2022, is used exclusively for the grant of equity awards to individuals who were not previously employees of Scholar Rock, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Scholar Rock, pursuant to Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $10.00, which is equal to the closing price of Scholar Rock’s common stock on February 13, 2023. The stock option award will vest with respect to 25% of the shares of common stock underlying the award on the first anniversary of each employee’s start date, and the remaining 75% of the shares of common stock underlying the Stock Option Award will vest in 12 equal quarterly installments thereafter. Vesting for RSUs will be in four equal annual installments. All vesting related to inducement awards is subject to the employees’ continuing service at the Company through the applicable vesting date.
About Scholar Rock
Scholar Rock is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. Scholar Rock is creating a pipeline of novel product candidates with the potential to transform the lives of patients suffering from a wide range of serious diseases, including neuromuscular disorders, cancer, and fibrosis. Scholar Rock’s approach to targeting the molecular mechanisms of growth factor activation enabled it to develop a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target these signaling proteins at the cellular level. By developing product candidates that act in the disease microenvironment, the Company intends to avoid the historical challenges associated with inhibiting growth factors for therapeutic effect. Scholar Rock believes its focus on biologically validated growth factors may facilitate a more efficient development path. For more information, please visit www.ScholarRock.com or follow Scholar Rock on Twitter (@ScholarRock) and LinkedIn (https://www.linkedin.com/company/scholar-rock/).
Scholar Rock® is a registered trademark of Scholar Rock, Inc.
Availability of Other Information About Scholar Rock
Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on Twitter and LinkedIn. The information that we post on our website or on Twitter or LinkedIn could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
What are the details of the inducement equity awards granted by Scholar Rock?
Scholar Rock granted inducement equity awards for 285,000 shares, including stock options for 255,000 shares and RSUs for 30,000 shares.
What is the exercise price for the stock options granted to Scholar Rock's new employees?
The exercise price for the stock options is $10.00, equal to the closing stock price on February 13, 2023.
How does the inducement equity plan work for Scholar Rock's new hires?
The inducement equity plan vests stock options over four years, with 25% vesting on the first anniversary and the rest quarterly, while RSUs vest in four equal annual installments.
What is the purpose of Scholar Rock's inducement equity plan?
The plan is designed to attract and retain new employees by aligning their interests with the company's performance.
What are the benefits of Scholar Rock's focus on protein growth factors?
Scholar Rock aims to develop therapies that selectively target growth factors, potentially leading to more effective treatments for serious diseases.
