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

Rhea-AI Summary

Voyager Therapeutics (NASDAQ: VYGR) announced a new employment agreement that includes inducement awards for a newly hired employee. The agreement includes a non-qualified stock option for 36,000 shares and restricted stock units for 6,000 shares, both effective on September 30 and October 1, 2020, respectively. The option has a ten-year term with an exercise price of $10.67, and it vests over four years. The restricted stock units vest over three years. These awards aim to attract talent to support the company’s focus on developing gene therapies for severe neurological diseases.

Positive

• The employment agreement is designed to attract and retain talent, which can positively impact the company's growth.
• Inducement awards align with the company's strategy to advance gene therapies, potentially leading to progress in clinical developments.

Negative

• None.

CAMBRIDGE, Mass., Oct. 01, 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 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 September 30, 2020 and the restricted stock unit award became effective on October 1, 2020.

The stock option award provides for the purchase of an aggregate of 36,000 shares of Voyager’s common stock, and the restricted stock unit award will represent 6,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $10.67 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:        
Paul Cox
VP, Investor Relations
857-201-3463
pcox@vygr.com

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

FAQ

What does the new employment agreement for Voyager Therapeutics involve?

The employment agreement includes a non-qualified stock option for 36,000 shares and restricted stock units for 6,000 shares.

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

The exercise price of the stock option is $10.67 per share.

When did the stock option and restricted stock unit awards become effective?

The stock option award became effective on September 30, 2020, and the restricted stock unit award on October 1, 2020.

How long is the term of the stock option granted by Voyager Therapeutics?

The stock option has a ten-year term.

How do the vesting schedules work for the stock option and restricted stock units?

The stock option vests over four years, while the restricted stock units vest annually over three years.