Savara Announces New Employment Inducement Grant

Rhea-AI Summary

Savara Inc. (SVRA) granted inducement awards to a new employee, including options to purchase 110,000 shares of common stock and 80,000 restricted stock units. The options have a 10-year term with a vesting schedule, while the RSUs vest in full after two years of employment. The grant is pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.

AUSTIN, Texas--(BUSINESS WIRE)-- Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to a new employee.

On December 11, 2023, the Compensation Committee of Savara's Board of Directors granted the inducement awards to a new employee who recently joined the Company. The inducement awards consist of options to purchase 110,000 shares of the Company’s common stock and restricted stock units (RSUs) covering 80,000 shares of the Company’s common stock. These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employee’s acceptance of employment with the Company.

The options have an exercise price of $4.13 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date. Each option has a 10-year term and vests as to 1/16^th of the number of shares subject to the option on each quarterly anniversary of the employee’s first day of employment, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of the employee’s first day of employment, subject to the employee’s continued employment on such vesting date.

About Savara

Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). Molgramostim is delivered via an investigational eFlow^® Nebulizer System (PARI Pharma GmbH). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at www.savarapharma.com. (X, formerly known as Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20231215441211/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the recent announcement made by Savara Inc. (SVRA)?

Savara Inc. (SVRA) announced the grant of inducement awards to a new employee, including options to purchase 110,000 shares of common stock and 80,000 restricted stock units.

What is the purpose of the inducement awards granted by Savara Inc. (SVRA)?

The inducement awards were granted to a new employee who recently joined the company as an inducement material to the employee’s acceptance of employment.

What is the exercise price of the options granted by Savara Inc. (SVRA)?

The options have an exercise price of $4.13 per share, which was the closing trading price of the company's common stock on the grant date.

What is the vesting schedule for the options and RSUs granted by Savara Inc. (SVRA)?

Each option has a 10-year term and vests as to 1/16th of the number of shares subject to the option on each quarterly anniversary of the employee’s first day of employment. The RSUs vest in full on the two-year anniversary of the employee’s first day of employment.

Under which rule were the equity awards granted by Savara Inc. (SVRA)?

The equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employee’s acceptance of employment with the Company.