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

Rhea-AI Summary

Vera Therapeutics announced on July 5, 2024, that it has granted inducement awards under Nasdaq Listing Rule 5635(c)(4) to new employees, including the newly appointed COO, David Johnson. The grants, approved by the Compensation Committee, include non-qualified stock options to purchase 160,000 shares for Johnson and additional inducement awards of 139,100 stock options and 61,925 restricted stock units (RSUs) to ten new employees. The exercise prices for the stock options are $36.29 and $34.93, corresponding to the closing trading prices on the respective grant dates of July 1 and July 2, 2024. The options and RSUs will vest over four years, contingent upon continuous service. These awards are a strategic incentive to attract top talent to Vera Therapeutics.

Positive

• Inducement grants of stock options and RSUs designed to attract and retain top talent.
• 160,000 stock options granted to new COO, David Johnson, showcasing commitment to leadership team.
• Additional 139,100 stock options and 61,925 RSUs granted to ten new employees, indicating growth and expansion.
• Vesting schedules ensure employee retention over a four-year period.

Negative

• Stock options have relatively high exercise prices ($36.29 and $34.93) which might dilute existing shares if exercised.

BRISBANE, Calif., July 05, 2024 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that on July 1, 2024, the Compensation Committee of Vera’s Board of Directors granted inducement awards consisting of a non-qualified stock option to purchase 160,000 shares of Class A common stock to David Johnson, Vera’s new Chief Operating Officer, under Vera’s 2024 Inducement Plan. Vera also announced that on July 2, 2024, the Compensation Committee granted additional inducement awards consisting of a non-qualified stock option to purchase 139,100 shares of Class A common stock and restricted stock units (RSUs) for 61,925 shares of Class A common stock to ten 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 July 1, 2024 has an exercise price per share equal to $36.29, Vera’s closing trading price on July 1, 2024. The stock option granted on July 2, 2024 has an exercise price per share equal to $34.93, Vera’s closing trading price on July 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 August 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:
Mari Purpura
LifeSci Advisors
mpurpura@lifesciadvisors.com

FAQ

What recent inducement grants did Vera Therapeutics announce?

Vera Therapeutics announced inducement grants on July 5, 2024, including 160,000 stock options to new COO David Johnson and 139,100 stock options plus 61,925 RSUs to ten new employees.

Who is the new Chief Operating Officer at Vera Therapeutics?

David Johnson is the new COO at Vera Therapeutics, appointed on July 1, 2024.

What are the exercise prices for the recent stock options granted by Vera Therapeutics?

The exercise prices for the stock options are $36.29 and $34.93, corresponding to the closing trading prices on July 1 and July 2, 2024, respectively.

How long is the vesting period for the stock options and RSUs granted by Vera Therapeutics?

The stock options and RSUs will vest over four years, with a specific vesting schedule contingent on continuous service.