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

Rhea-AI Summary

Savara Inc. (NASDAQ: SVRA), a clinical-stage biopharmaceutical company, announced the grant of inducement awards to three new employees on September 13, 2022. These awards include options for 190,000 shares and RSUs for 75,000 shares, part of the 2021 Inducement Equity Incentive Plan. The options have an exercise price of $1.46 per share and vest quarterly over 10 years. Savara focuses on rare respiratory diseases, with its lead program, molgramostim, in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP).

Positive

• Inducement awards granted for 265,000 shares to new employees, which may enhance company talent.
• Equity awards align employee incentives with company performance.

Negative

• 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 three new employees.

On September 13, 2022, the Compensation Committee of Savara's Board of Directors granted inducement awards to three new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 190,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 75,000 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 $1.46 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/20220914005624/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the significance of the inducement awards granted by Savara Inc. on September 13, 2022?

The inducement awards include options for 190,000 shares and RSUs for 75,000 shares, aimed at attracting new talent to the company.

What is the exercise price for the options granted to Savara's new employees?

The options have an exercise price of $1.46 per share, which corresponds to the closing price on the grant date.

How will the options for Savara Inc.'s new employees vest?

Each option vests quarterly at a rate of 1/16th of the shares over a 10-year term, contingent on continued employment.

What is Savara's main focus as a biopharmaceutical company?

Savara is focused on developing treatments for rare respiratory diseases, with its lead program targeting autoimmune pulmonary alveolar proteinosis.