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

Rhea-AI Summary

Voyager Therapeutics (NASDAQ: VYGR) has entered into an employment agreement providing inducement awards to a new employee. This includes a non-qualified stock option for 76,500 shares and restricted stock units for 13,000 shares. The stock option, effective January 11, 2021, has an exercise price of $8.43 per share. It vests over four years, while the restricted stock units vest annually over three years. These awards were approved by Voyager's Compensation Committee, aligning with Nasdaq regulations. Voyager focuses on gene therapy for severe neurological diseases.

Positive

• Inducement awards granted for attracting new talent may improve company performance.
• Stock option and restricted stock unit awards could align employee interests with company growth.

Negative

• The granting of stock options could lead to potential shareholder dilution.

CAMBRIDGE, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (NASDAQ: VYGR), a clinical-stage gene therapy company focused on developing life-changing treatments for severe neurological diseases, has entered into an employment agreement with a newly hired employee that, among other things, provides for the grant of a non-qualified stock option and of restricted stock units as inducements material to the employee 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 January 11, 2021 and the restricted stock unit award becomes effective on February 1, 2021.

The stock option award provides for the purchase of an aggregate of 76,500 shares of Voyager’s common stock, and the restricted stock unit award represents 13,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $8.43 per share, which is equal to the closing price of Voyager's common stock on 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 the stock option and restricted stock units are subject to the employee’s continued employment with Voyager. The stock option and the restricted stock units are subject to the terms and conditions of equity award agreements.

About Voyager Therapeutics

Voyager Therapeutics is a clinical-stage gene therapy company focused on developing life-changing treatments for severe neurological diseases. Voyager is committed to advancing the field of AAV gene therapy through innovation and investment in vector engineering and optimization, manufacturing, and dosing and delivery techniques. Voyager’s wholly owned and partnered pipeline focuses on severe neurological diseases for which effective new therapies are needed, including Parkinson’s disease, Huntington’s disease, Friedreich’s ataxia, and other severe neurological diseases. For more information on Voyager Therapeutics, please visit the company’s website at www.voyagertherapeutics.com or follow @VoyagerTx on Twitter and LinkedIn.

Investors:        
Investors@voyagertherapeutics.com

Media:        
Sheryl Seapy
W2Opure
949-903-4750
sseapy@purecommunications.com

 

FAQ

What is the employment agreement announced by Voyager Therapeutics on January 11, 2021?

Voyager Therapeutics announced an employment agreement that includes stock options and restricted stock units for a new employee, effective January 11, 2021.

How many shares are included in the stock option awarded by Voyager Therapeutics?

The stock option award includes an aggregate of 76,500 shares of Voyager's common stock.

What is the exercise price of the stock option awarded by Voyager Therapeutics?

The exercise price of the stock option is $8.43 per share.

When do the restricted stock units awarded by Voyager Therapeutics become effective?

The restricted stock units become effective on February 1, 2021.

How long is the term of the stock option awarded to the new employee by Voyager Therapeutics?

The stock option has a term of ten years.