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Savara Inc. (NASDAQ: SVRA), focused on rare respiratory diseases, announced an employee inducement award granted to Dr. Raymond Pratt, who joined as Chief Medical Officer on November 10, 2022. This award includes options to purchase 375,000 shares and restricted stock units for 150,000 shares, made under the 2021 Inducement Equity Incentive Plan. The option exercise price is $1.43, equivalent to the closing price on the grant date. Options vest quarterly over four years, while RSUs fully vest after two years, contingent on continued employment.
Positive
Granting of inducement award may attract and retain key talent, enhancing leadership effectiveness.
Significant experience of management team in rare respiratory diseases could positively influence product development.
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None.
AUSTIN, Texas--(BUSINESS WIRE)--
Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of an employee inducement award.
On November 21, 2022, Savara's Board of Directors granted the inducement award to Raymond Pratt, M.D., who joined the Company as Chief Medical Officer on November 10, 2022. The inducement award consists of options to purchase 375,000 shares of the Company’s common stock and restricted stock units (RSUs) covering 150,000 shares of the Company’s common stock. This equity award was 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 $1.43 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 1/16th 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. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).
What employee inducement award did Savara Inc. grant on November 21, 2022?
Savara Inc. granted Dr. Raymond Pratt an inducement award consisting of options to purchase 375,000 shares and restricted stock units covering 150,000 shares.
What is the exercise price for the stock options granted to Dr. Pratt?
The exercise price for the stock options is $1.43 per share, which was the closing price on the grant date.
When did Dr. Raymond Pratt join Savara Inc.?
Dr. Raymond Pratt joined Savara Inc. as Chief Medical Officer on November 10, 2022.
How do the stock options vest for Dr. Pratt?
The stock options vest as to 1/16th of the shares on each quarterly anniversary of Dr. Pratt's employment start date.
When do the restricted stock units (RSUs) granted to Dr. Pratt vest?
The RSUs vest in full on the two-year anniversary of Dr. Pratt's start date, contingent on his continued employment.
