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

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR), a biotechnology company focused on neurogenetic medicines, has granted inducement awards to a new employee. The awards, approved by the Compensation Committee under Nasdaq Rule 5635(c)(4), include:

1. A non-qualified stock option for 40,000 shares of common stock, effective August 28, 2024, with a ten-year term and an exercise price of $6.49 per share. It vests over four years: 25% after one year, then 75% monthly over three years.

2. Restricted stock units for 20,000 shares, effective October 1, 2024, vesting annually in equal installments over three years.

Both awards are subject to continued employment and specific award agreements.

Positive

• Voyager Therapeutics is attracting new talent with competitive equity compensation packages
• The company is complying with Nasdaq listing rules for inducement grants

Negative

• The equity grants may lead to potential dilution for existing shareholders

LEXINGTON, Mass., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to advancing neurogenetic medicines, has entered into an employment agreement with a newly hired employee that, among other things, provides for the grant to such employee of a non-qualified stock option and restricted stock units as an inducement material to such employee’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 August 28, 2024, and the restricted stock unit award is scheduled to become effective on October 1, 2024.

The stock option award provides for the purchase of an aggregate of 40,000 shares of Voyager’s common stock, and the restricted stock unit award will represent 20,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $6.49 per share, which is equal to the closing price of Voyager's common stock on August 28, 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 the equity awards is subject to the employee’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 type of inducement grants did Voyager Therapeutics (VYGR) announce on August 29, 2024?

Voyager Therapeutics announced two types of inducement grants: a non-qualified stock option for 40,000 shares of common stock and restricted stock units representing 20,000 shares of common stock.

What is the exercise price and vesting schedule for the stock option grant by Voyager Therapeutics (VYGR)?

The stock option has an exercise price of $6.49 per share and vests over four years, with 25% vesting after one year and the remaining 75% vesting in 36 equal monthly installments.

When do the restricted stock units granted by Voyager Therapeutics (VYGR) become effective and how do they vest?

The restricted stock units become effective on October 1, 2024, and vest annually in equal installments over three years, beginning on the first anniversary of the effective date.

Under which Nasdaq rule did Voyager Therapeutics (VYGR) approve these inducement grants?

The inducement awards were approved under Nasdaq Stock Market Listing Rule 5635(c)(4).