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

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR) announced new employment agreements with Peter Pfreundschuh and another employee, granting them non-qualified stock options and restricted stock units. The stock options consist of 200,000 shares for Pfreundschuh and 76,000 shares for the other employee, both with an exercise price of $6.18 per share. These options will vest over four years, while the restricted stock units will vest annually over three years, starting from the first anniversary of the grant effective date of September 19, 2022.

Positive

• Equity incentives granted could attract and retain talent, potentially enhancing company performance.
• The exercise price of stock options aligns with the market value, which may benefit employees and the company.

Negative

• Dilution risk for existing shareholders due to the issuance of new stock options and restricted stock units.

CAMBRIDGE, Mass., Sept. 22, 2022 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a gene therapy and neuroscience company developing life-changing treatments and next-generation adeno-associated virus (AAV) capsids, has entered into employment agreements with Peter Pfreundschuh and another newly hired employee that, among other things, provide for the grant to such employees of non-qualified stock options and restricted stock units as inducements material to such employees’ 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 to each employee became effective on September 19, 2022, and the restricted stock unit award to each employee is scheduled to become effective on October 1, 2022.

The stock option award to Mr. Pfreundschuh provides for the purchase of an aggregate of 200,000 shares of Voyager’s common stock, and the restricted stock unit award to Mr. Pfreundschuh will represent 125,000 shares of Voyager’s common stock. The stock option award to the other employee provides for the purchase of an aggregate of 76,000 shares of Voyager’s common stock, and the restricted stock unit award to such employee will represent 38,000 shares of Voyager’s common stock. Each stock option has a ten-year term and an exercise price of $6.18 per share, which is equal to the closing price of Voyager's common stock on September 19, 2022, the effective date of grant. Each 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. Each 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 each employee’s equity awards is subject to his or her continued employment with Voyager. Each equity award is also subject to the terms and conditions of an award agreement.

About Voyager Therapeutics 
Voyager Therapeutics (Nasdaq: VYGR) is leading the next generation of AAV gene therapy to unlock the potential of the modality to treat devastating diseases. Proprietary capsids born from Voyager’s TRACER capsid discovery platform are powering a rich early-stage pipeline of programs and may elevate the field to overcome the narrow therapeutic window associated with conventional gene therapy vectors across neurologic disorders and other therapeutic areas. voyagertherapeutics.com        LinkedIn        Twitter 

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

FAQ

What stock options were granted to Peter Pfreundschuh by Voyager Therapeutics?

Peter Pfreundschuh was granted stock options for 200,000 shares of Voyager's common stock.

When did the stock option awards for the new employees become effective?

The stock option awards became effective on September 19, 2022.

What is the exercise price for the stock options awarded to the new employees of Voyager?

The exercise price for the stock options is $6.18 per share.

How will the restricted stock units vest for the new employees at Voyager?

The restricted stock units will vest annually in equal installments over three years.

What is the significance of the employment agreements announced by Voyager Therapeutics?

The agreements include equity awards that may help in attracting and retaining key talent for the company.