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

Rhea-AI Summary

Savara Inc. (Nasdaq: SVRA) announced on May 11, 2021, the granting of stock options and restricted stock units (RSUs) to a new employee. This includes options to purchase 175,000 shares at an exercise price of $1.62, the closing price on the grant date. The options will vest quarterly over four years, while the RSUs will fully vest after two years. Savara specializes in developing treatments for rare respiratory diseases, focusing on its lead program, molgramostim, currently in Phase 3 for autoimmune pulmonary alveolar proteinosis.

Positive

• Equity awards granted to a new employee can enhance team motivation and retention.
• Savara is developing a lead program in Phase 3 for a rare respiratory disease, potentially indicating future growth opportunities.

Negative

• None.

Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced that on May 11, 2021, the Compensation Committee of the Company’s Board of Directors granted a newly hired employee the option to purchase 175,000 shares of the Company's common stock and restricted stock units (RSUs) covering 100,000 shares of the Company’s common stock. These equity awards were granted 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 $1.62 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date. The 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 May 3, 2021, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of May 3, 2021, 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). 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/20210514005103/en/

FAQ

What equity awards did Savara Inc. grant on May 11, 2021?

Savara Inc. granted stock options to purchase 175,000 shares and restricted stock units covering 100,000 shares.

What is the exercise price for the stock options granted by Savara Inc.?

The exercise price for the stock options is $1.62 per share.

What is Savara Inc.'s lead program focused on?

Savara Inc.'s lead program focuses on molgramostim nebulizer solution for autoimmune pulmonary alveolar proteinosis.

How long is the term for the stock options granted by Savara Inc.?

The stock options have a 10-year term.