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

Rhea-AI Summary

Voyager Therapeutics (NASDAQ: VYGR) announced an employment agreement with a new hire that includes inducement awards of stock options and restricted stock units. The stock option grant of 36,000 shares has an exercise price of $12.82 per share, matching the closing price on the grant date of June 15, 2020. The option vests over four years, while the restricted stock units for 6,000 shares vest annually over three years starting July 1, 2020. These awards were approved by the Compensation Committee in compliance with Nasdaq rules, reflecting the company's commitment to attracting talent.

Positive

• Inducement awards for new hire enhance employee retention and attraction.
• Approval of stock options and restricted stock aligns employee interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass, June 16, 2020 (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 her 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 June 15, 2020 and the restricted stock unit award is scheduled to become effective on July 1, 2020.

The employee received a non-qualified stock option to purchase an aggregate of 36,000 shares of Voyager’s common stock and will receive a restricted stock unit award of 6,000 Voyager’s common stock. The stock option has a ten-year term and an exercise price of $12.82 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 units will vest annually in equal installments over three years beginning on the first anniversary of the effective date of grant date. Vesting of the stock option and restricted stock units will be subject to the employee’s continued employment with Voyager. The stock option is, and upon the effectiveness of the grant the restricted stock units will be, 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, a monogenic form of ALS called SOD1, Friedreich’s ataxia, Alzheimer’s disease, and other neurodegenerative diseases related to defective or excess aggregation of tau and alpha-synuclein proteins in the brain. Voyager has strategic collaborations with AbbVie and Neurocrine Biosciences. Founded by scientific and clinical leaders in the fields of AAV gene therapy, expressed RNA interference and neuroscience, Voyager is headquartered in Cambridge, Massachusetts. For more information, please visit www.voyagertherapeutics.com or follow @VoyagerTx on Twitter and LinkedIn.

Investors:       
Paul Cox
VP, Investor Relations
857-201-3463
pcox@vygr.com

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

FAQ

What stock options did Voyager Therapeutics grant to the new employee?

Voyager Therapeutics granted a non-qualified stock option to purchase 36,000 shares, with an exercise price of $12.82 per share.

When do the restricted stock units vest for Voyager Therapeutics?

The restricted stock units will vest annually in equal installments over three years starting on July 1, 2020.

What is the term of the stock options granted by Voyager Therapeutics?

The stock options have a ten-year term.

Who approved the inducement awards at Voyager Therapeutics?

The inducement awards were approved by the Compensation Committee of Voyager's Board of Directors.

What is the significance of the grant date for Voyager Therapeutics’ stock options?

The stock option grant became effective on June 15, 2020, aligning the exercise price with the market closing price on that date.