Savara Announces New Employment Inducement Grant

Rhea-AI Summary

Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, has announced the grant of inducement awards to a new employee. On September 25, 2024, the company's Board of Directors granted inducement awards to Braden Parker, who joined as Chief Commercial Officer on September 24, 2024.

The inducement awards include:

• Options to purchase 170,000 shares of common stock
• Restricted stock units (RSUs) covering 85,000 shares of common stock

These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan. The options have an exercise price of $4.15 per share, a 10-year term, and vest quarterly over 4 years. The RSUs vest in full on the two-year anniversary of employment, subject to continued employment.

Positive

• Appointment of Braden Parker as Chief Commercial Officer, indicating potential expansion of commercial activities
• Granting of substantial equity awards to attract and retain key talent

Negative

• None.

LANGHORNE, Pa.--(BUSINESS WIRE)-- Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to a new employee.

On September 25, 2024, Savara's Board of Directors granted the inducement awards to Braden Parker, who joined the Company as Chief Commercial Officer on September 24, 2024. The inducement awards consist of options to purchase 170,000 shares of the Company’s common stock and restricted stock units (RSUs) covering 85,000 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 $4.15 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. 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 inhalation 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. (X, formerly known as Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240927436417/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What inducement awards did Savara (SVRA) grant to its new Chief Commercial Officer?

Savara granted Braden Parker options to purchase 170,000 shares of common stock and restricted stock units (RSUs) covering 85,000 shares of common stock as inducement awards.

When did Braden Parker join Savara (SVRA) as Chief Commercial Officer?

Braden Parker joined Savara as Chief Commercial Officer on September 24, 2024.

What is the exercise price of the stock options granted by Savara (SVRA) to its new CCO?

The stock options granted to the new Chief Commercial Officer have an exercise price of $4.15 per share, which was the closing trading price of Savara's common stock on the grant date.

How do the RSUs granted by Savara (SVRA) to its new CCO vest?

The RSUs granted to the new Chief Commercial Officer vest in full on the two-year anniversary of the employee's first day of employment, subject to continued employment.