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Savara Inc. (NASDAQ: SVRA), a clinical stage biopharmaceutical company specializing in rare respiratory diseases, announced on January 17, 2023 that it granted inducement awards to two new employees. The awards consist of options to purchase a total of 195,000 shares of common stock and restricted stock units (RSUs) covering 60,000 shares. The options have an exercise price of $1.89 per share, equal to the closing stock price on the grant date. Each option vests quarterly over a 10-year term, while the RSUs fully vest two years after the new employees' start date. The awards are part of Savara's 2021 Inducement Equity Incentive Plan.
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Inducement awards granted to attract talent, potentially enhancing operational capabilities.
Equity awards may align employee interests with shareholder value through stock options and RSUs.
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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 inducement awards to two new employees.
On January 17, 2023, the Compensation Committee of Savara's Board of Directors granted the inducement awards to two new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 195,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 60,000 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 $1.89 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 is the significance of the inducement awards announced by Savara Inc. on January 17, 2023?
The inducement awards, consisting of stock options and RSUs, aim to attract and retain key talent, which is crucial for the company's growth and development.
How many shares were included in the inducement awards for Savara's new employees?
The inducement awards included options for 195,000 shares and RSUs covering 60,000 shares of Savara's common stock.
What is the exercise price for the options granted to Savara's employees?
The options have an exercise price of $1.89 per share, equal to Savara's closing stock price on the grant date.
When do the options and RSUs vest for Savara's new employees?
The options vest quarterly over a 10-year term, while the RSUs vest in full on the two-year anniversary of the employees' start date.
What is the purpose of the 2021 Inducement Equity Incentive Plan from Savara Inc.?
The plan is designed to grant equity awards to new employees as a material inducement for their acceptance of employment.
