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

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR) recently announced an employment agreement with a new hire, which includes inducement awards approved by its Compensation Committee. The agreement comprises a non-qualified stock option for 60,000 shares and restricted stock units for 30,000 shares. The stock option has a ten-year term with an exercise price of $6.01 per share and vests over four years. The restricted stock units will vest annually over three years, starting on the first anniversary of the effective date, which is set for January 1, 2023.

Positive

• Inducement awards align with strategic hiring to enhance company capabilities.
• The stock options and restricted stock units generate potential long-term employee investment in Voyager.

Negative

• None.

CAMBRIDGE, Mass., Oct. 18, 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 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 October 17, 2022, and the restricted stock unit award is scheduled to become effective on January 1, 2023.

The stock option award provides for the purchase of an aggregate of 60,000 shares of Voyager’s common stock, and the restricted stock unit award will represent 30,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $6.01 per share, which is equal to the closing price of Voyager's common stock on October 17, 2022, 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 (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 is the employment agreement announced by Voyager Therapeutics on October 18, 2022?

Voyager Therapeutics announced an employment agreement that includes inducement awards, such as stock options and restricted stock units for a newly hired employee.

What are the details of the stock option award given by Voyager Therapeutics?

The stock option award allows the purchase of 60,000 shares at an exercise price of $6.01 per share, vesting over four years.

When do the restricted stock units awarded by Voyager Therapeutics start vesting?

The restricted stock units will start vesting on January 1, 2023, and will vest annually over three years.

What is the significance of the inducement awards for Voyager Therapeutics?

Inducement awards are designed to attract and retain talent, thereby enhancing the company's operational capabilities and growth potential.