Savara Announces New Employment Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Savara Inc. (NASDAQ: SVRA), a biopharmaceutical company focused on rare respiratory diseases, announced the granting of an employee inducement award on March 14, 2022. The award includes options to purchase 40,000 shares of common stock at an exercise price of $1.05 per share, matching the closing price on the grant date. The options vest quarterly over a 10-year term, contingent on the employee's continued employment. Savara's lead program, molgramostim, is currently in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP).

Positive

• Granting of 40,000 stock options to a new employee enhances talent acquisition.
• Inducement award aligns employee interests with company performance.

Negative

• Stock options priced at $1.05 per share, dependent on employee retention.

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 March 14, 2022, the Compensation Committee of Savara's Board of Directors granted the inducement award to a new employee who recently joined the Company. The inducement award consists of options to purchase 40,000 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 $1.05 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.

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/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005089/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the employee inducement award announced by Savara Inc.?

Savara Inc. announced an employee inducement award consisting of stock options to purchase 40,000 shares at an exercise price of $1.05.

When was the inducement award granted by Savara Inc.?

The inducement award was granted on March 14, 2022.

What is the significance of the stock options granted to the new employee?

The stock options serve as an incentive for the new employee's acceptance of employment and align their interests with the company's performance.

What is the vesting schedule for the stock options at Savara?

The stock options vest quarterly over a 10-year term, subject to the employee's continued employment.

What is Savara's lead program in development?

Savara's lead program is the molgramostim nebulizer solution, currently in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP).