Voyager Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR) announced the induction of Nathan Jorgensen, Ph.D., M.B.A., into their team with a notable employment agreement. This agreement includes a non-qualified stock option for 200,000 shares and restricted stock units (RSUs) for 80,000 shares as part of the inducement process, approved by the Compensation Committee under Nasdaq Listing Rule 5635(c)(4). The stock option, effective July 8, 2024, carries an exercise price of $7.79 per share, matching the closing price on the effective date. The options vest over four years, with 25% vesting on the first anniversary and the remaining 75% in equal monthly installments over the next three years. The RSUs will vest annually in equal installments over three years starting October 1, 2024. These equity awards are contingent upon Dr. Jorgensen's ongoing employment with Voyager and are subject to specific award agreements.

Positive

• Voyager Therapeutics has attracted a highly qualified executive, Dr. Nathan Jorgensen, Ph.D., M.B.A., strengthening their leadership team.
• Dr. Jorgensen's employment agreement includes a stock option for 200,000 shares and RSUs for 80,000 shares, indicating a significant investment in top talent.

Negative

• The equity awards to Dr. Jorgensen could lead to potential dilution of existing shareholders' equity, with a total of 280,000 shares involved.

LEXINGTON, Mass., July 09, 2024 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to advancing neurogenetic medicines, has entered into an employment agreement with Nathan Jorgensen, Ph.D., M.B.A. that, among other things, provides for the grant to Dr. Jorgensen of a non-qualified stock option and restricted stock units as an inducement material to Dr. Jorgensen’s entering into employment with Voyager. The inducement awards were approved by the Compensation Committee of Voyager’s Board of Directors in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The option award became effective on July 8, 2024, and the restricted stock unit award is scheduled to become effective on October 1, 2024.

The stock option award to Dr. Jorgensen provides for the purchase of an aggregate of 200,000 shares of Voyager’s common stock, and the restricted stock unit award to Dr. Jorgensen will represent 80,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $7.79 per share, which is equal to the closing price of Voyager's common stock on July 8, 2024, the effective date of grant. The stock option vests over four years, with 25% of the shares underlying the stock option vesting on the first anniversary of the effective date of grant and 75% of the shares underlying the stock option vesting in 36 equal monthly installments following the first anniversary of the effective date of grant. The restricted stock unit award vests annually in equal installments over three years, beginning on the first anniversary of the effective date of grant. Vesting of Dr. Jorgensen’s equity awards is subject to Dr. Jorgensen’s continued employment with Voyager. Each equity award is also subject to the terms and conditions of an award agreement.

About Voyager Therapeutics
Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), Parkinson’s disease, and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; Neurocrine Biosciences, Inc.; and Sangamo Therapeutics, Inc. For more information, visit www.voyagertherapeutics.com.

Voyager Therapeutics^® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc.

Contacts
Trista Morrison, NACD.DC, tmorrison@vygr.com
Investors: Adam Bero, Ph.D., abero@kendallir.com
Media: Brooke Shenkin, brooke@scientpr.com

FAQ

What was included in Nathan Jorgensen's employment agreement with Voyager Therapeutics?

Nathan Jorgensen's employment agreement with Voyager Therapeutics includes a non-qualified stock option for 200,000 shares and restricted stock units for 80,000 shares.

When did the stock option award for Nathan Jorgensen become effective?

The stock option award for Nathan Jorgensen became effective on July 8, 2024.

What is the exercise price for Nathan Jorgensen's stock option with Voyager Therapeutics?

The exercise price for Nathan Jorgensen's stock option with Voyager Therapeutics is $7.79 per share.

How do Nathan Jorgensen's stock options vest at Voyager Therapeutics?

Nathan Jorgensen's stock options at Voyager Therapeutics vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in 36 equal monthly installments.

When will the restricted stock units awarded to Nathan Jorgensen become effective?

The restricted stock units awarded to Nathan Jorgensen will become effective on October 1, 2024.

Over what period do the restricted stock units awarded to Nathan Jorgensen vest?

The restricted stock units awarded to Nathan Jorgensen vest annually in equal installments over three years.

What is the stock symbol for Voyager Therapeutics?

The stock symbol for Voyager Therapeutics is VYGR.