Vera Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vera Therapeutics (Nasdaq: VERA) announced inducement awards granted to seven new employees on October 2, 2024. The awards, approved by the Compensation Committee under Nasdaq Listing Rule 5635(c)(4), include:

1. Non-qualified stock options to purchase 125,000 shares of Class A common stock
2. Restricted stock units (RSUs) for 62,500 shares of Class A common stock

The stock options have an exercise price of $41.75 per share, equal to Vera's closing price on October 2, 2024. They will vest over four years, with 25% vesting on the first anniversary and the remainder monthly over 36 months. The RSUs will vest over four years, with 25% vesting annually starting November 20, 2024. Both awards are subject to continued employment and the terms of the Inducement Plan and applicable award agreements.

Positive

• Vera Therapeutics is attracting new talent with stock-based compensation
• The company's stock price was $41.75 on October 2, 2024

Negative

• Potential dilution of existing shareholders due to new stock options and RSUs

BRISBANE, Calif., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that on October 2, 2024, the Compensation Committee granted inducement awards consisting of a non-qualified stock option to purchase 125,000 shares of Class A common stock and restricted stock units (RSUs) for 62,500 shares of Class A common stock to seven new employees under the Inducement Plan. The Compensation Committee approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option granted on October 2, 2024 has an exercise price per share equal to $41.75, Vera’s closing trading price on October 2, 2024. Each stock option will vest over four years, with 25% of the underlying shares vesting on the first anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employee’s continued service relationship with Vera through the applicable vesting dates. Each of the RSUs will vest over four years, with 25% of the underlying shares vesting on each anniversary of November 20, 2024, subject to the new employee’s continued service relationship with Vera through the applicable vesting dates. The awards are subject to the terms and conditions of the Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Vera
Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunological diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B-cell Activating Factor (BAFF) and A PRoliferation-Inducing Ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgAN, also known as Berger’s disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK virus (BKV), a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. Vera retains all global developmental and commercial rights to atacicept and MAU868. For more information, please visit www.veratx.com.

For more information, please contact:

Investor Contact:
Joyce Allaire
LifeSci Advisors
212-915-2569
jallaire@lifesciadvisors.com

Media Contact:
Madelin Hawtin
LifeSci Communications
MHawtin@lifescicomms.com

FAQ

What inducement awards did Vera Therapeutics (VERA) grant to new employees on October 2, 2024?

Vera Therapeutics granted non-qualified stock options to purchase 125,000 shares of Class A common stock and restricted stock units (RSUs) for 62,500 shares of Class A common stock to seven new employees.

What is the exercise price of the stock options granted by Vera Therapeutics (VERA) on October 2, 2024?

The stock options granted on October 2, 2024, have an exercise price of $41.75 per share, which was Vera's closing trading price on that date.

How will the stock options and RSUs granted by Vera Therapeutics (VERA) vest?

The stock options will vest over four years, with 25% vesting on the first anniversary and the balance monthly over 36 months. The RSUs will vest over four years, with 25% vesting annually starting November 20, 2024.