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

Rhea-AI Summary

Vera Therapeutics, Inc. (Nasdaq: VERA) granted inducement awards to new employees under its 2024 Inducement Plan. The awards include non-qualified stock options and restricted stock units. The stock options have exercise prices based on Vera's closing trading prices on specific dates. The awards vest over four years, contingent on the employees' continued service with the company. These awards were approved as inducements under Nasdaq Listing Rule 5635(c)(4).

BRISBANE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA) today announced that on May 1, 2024, the Compensation Committee of Vera’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 15,000 shares of Class A common stock and restricted stock units (RSUs) for 7,500 shares of Class A common stock to three new employees under Vera’s 2024 Inducement Plan (the Inducement Plan). Vera also announced that on May 6, 2024, the Compensation Committee granted additional inducement awards consisting of a non-qualified stock option to purchase 1,050 shares of Class A common stock and restricted stock units (RSUs) for 525 shares of Class A common stock to one new employee 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).

Each stock option granted on May 1, 2024 has an exercise price per share equal to $42.32 per share, Vera’s closing trading price on May 1, 2024. the stock option granted on May 7, 2024 has an exercise price per share equal to $45.00 per share, Vera’s closing trading price on May 7, 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 May 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 did Vera Therapeutics announce regarding inducement grants?

Vera Therapeutics announced granting inducement awards to new employees under its 2024 Inducement Plan.

How many shares of Class A common stock were included in the inducement awards?

The awards granted included 15,000 shares of Class A common stock and 7,500 restricted stock units (RSUs) to three new employees.

What is the exercise price per share for the stock options granted on May 1, 2024?

The exercise price per share for the stock options granted on May 1, 2024, was $42.32, based on Vera's closing trading price on that day.

How long will it take for the stock options and RSUs to vest?

The stock options and RSUs will vest over four years, with 25% of the underlying shares vesting on specific dates and the rest vesting monthly thereafter.

Why were these awards granted?

The awards were granted as inducements to new employees' employment in accordance with Nasdaq Listing Rule 5635(c)(4).