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Savara Announces New Employment Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Savara Inc. (Nasdaq: SVRA), a biopharmaceutical company focused on rare respiratory diseases, announced on September 2, 2021, the grant of inducement awards to two new employees. The awards consist of options to purchase 200,000 shares and restricted stock units (RSUs) covering 75,000 shares of common stock. The options have an exercise price of $1.59 per share and a 10-year term while vesting quarterly. RSUs vest in full after two years of employment. These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan, per NASDAQ Listing Rules.
Positive
Inducement awards may attract skilled employees to Savara Inc.
Options granted at closing stock price of $1.59, aligning employee interests with shareholder value.
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 two new employees.
On September 2, 2021, the Compensation Committee of Savara’s Board of Directors granted inducement awards to two new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 200,000 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 $1.59 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. Each of 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.
