Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vaxart, Inc. (Nasdaq: VXRT) has announced the granting of inducement equity awards to two new non-executive employees. The awards, approved by the Compensation Committee on August 26, 2024, include:

• 21,500 stock options vesting over 4 years
• 10,750 restricted stock units vesting over 4 years

These awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan, in compliance with Nasdaq Listing Rule 5635(c)(4). The plan is exclusively used for granting equity awards to new employees as an inducement to join Vaxart.

Positive

• Vaxart is attracting new talent with equity incentives
• The company is utilizing a structured compensation plan to align employee interests with shareholders

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Aug. 30, 2024 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today announced that on August 26, 2024, the Compensation Committee of the Board of Directors granted inducement equity awards covering an aggregate of 32,250 shares of its common stock to two new non-executive employees to induce them to accept employment with Vaxart.

The awards consisted of stock options to purchase an aggregate of 21,500 shares of Vaxart’s common stock, which vest as to 1/4th of the total shares on the one-year anniversary of the grant date, and as to 1/48th of the total shares on each month thereafter, and have a per share exercise price equal to the closing price of Vaxart’s common stock on the grant date; and restricted stock unit awards covering an aggregate of 10,750 shares of Vaxart’s common stock, which vest as to 25% of the shares underlying the awards on the first, second, third and fourth anniversary of the grant date.

The awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan as an employment “inducement award” pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Vaxart (or following a bona fide period of non-employment) as an inducement material to entering into employment with Vaxart.

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and to eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

Contacts

Vaxart Media Relations:
Mark Herr
Vaxart, Inc.
mherr@vaxart.com
(203) 517-8957

Investor Relations:
Matt Steinberg
FINN Partners
IR@vaxart.com
(646) 871-8481

FAQ

What type of equity awards did Vaxart (VXRT) grant to new employees on August 26, 2024?

Vaxart granted stock options for 21,500 shares and restricted stock units covering 10,750 shares to two new non-executive employees.

How do the stock options granted by Vaxart (VXRT) vest?

The stock options vest 1/4th of the total shares on the one-year anniversary of the grant date, and 1/48th of the total shares each month thereafter.

What is the vesting schedule for the restricted stock units granted by Vaxart (VXRT)?

The restricted stock units vest 25% of the shares on each of the first, second, third, and fourth anniversaries of the grant date.

Under what plan were these inducement awards granted by Vaxart (VXRT)?

The awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan, in compliance with Nasdaq Listing Rule 5635(c)(4).