Savara Announces New Employment Inducement Grant

Rhea-AI Summary

Savara Inc. grants inducement awards to new employees

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• Savara Inc. has granted inducement awards to three new employees who recently joined the company. The awards consist of options to purchase 50,000 shares of the company's common stock and restricted stock units (RSUs) covering 30,000 shares. The options have an exercise price of $3.62 per share and a 10-year term. The RSUs vest in full on the two-year anniversary of the employee's first day of employment.

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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 October 3, 2023, the Compensation Committee of Savara's Board of Directors granted the inducement awards to three new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 50,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 30,000 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 employees’ acceptance of employment with the Company.

The options have an exercise price of $3.62 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 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. (X, formerly known as Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

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View source version on businesswire.com: https://www.businesswire.com/news/home/20231006937441/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the purpose of the inducement awards?

The inducement awards are granted to new employees as a material inducement for accepting employment with the company.

How many shares are included in the inducement awards?

The inducement awards consist of options to purchase 50,000 shares of the company's common stock and restricted stock units (RSUs) covering 30,000 shares.

What is the exercise price of the options?

The options have an exercise price of $3.62 per share.

How long is the term of the options?

Each option has a 10-year term.

When do the RSUs vest?

The RSUs vest in full on the two-year anniversary of the employee's first day of employment.