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

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR) has announced employment agreements with two new hires that will include non-qualified stock options and restricted stock units. The stock option awards were approved by Voyager's Compensation Committee and became effective on January 23, 2023. One employee received options for 100,000 shares and restricted stock units for 50,000 shares, while the other employee received options for 50,000 shares and restricted units for 25,000 shares. Each stock option has a ten-year term with an exercise price of $9.16 per share. Vesting for these equity awards is tied to continued employment.

Positive

• Approval of stock options and restricted stock units enhances employee incentives.
• Attractive terms with a ten-year option term at $9.16, reflecting current market value.

Negative

• None.

CAMBRIDGE, Mass., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to breaking through barriers in gene therapy and neurology, has entered into employment agreements with two newly hired employees 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 January 23, 2023, and the restricted stock unit award to each employee is scheduled to become effective on April 1, 2023.

The stock option award to one employee provides for the purchase of an aggregate of 100,000 shares of Voyager’s common stock, and the restricted stock unit award to such employee will represent 50,000 shares of Voyager’s common stock. The stock option award to the other employee provides for the purchase of an aggregate of 50,000 shares of Voyager’s common stock, and the restricted stock unit award to such employee will represent 25,000 shares of Voyager’s common stock. Each stock option has a ten-year term and an exercise price of $9.16 per share, which is equal to the closing price of Voyager's common stock on January 23, 2023, 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 such 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 a biotechnology company dedicated to breaking through barriers in gene therapy and neurology. The potential of both disciplines has been constrained by delivery challenges; Voyager is leveraging cutting-edge expertise in capsid discovery and deep neuropharmacology capabilities to address these constraints. Voyager’s TRACER™ AAV capsid discovery platform has generated novel capsids with high target delivery and blood-brain barrier penetration at low doses, potentially addressing the narrow therapeutic window associated with conventional gene therapy delivery vectors. This platform is fueling alliances with Pfizer Inc., Novartis and Neurocrine Biosciences, Inc. as well as multiple programs in Voyager’s own pipeline. Voyager’s pipeline includes wholly-owned and collaborative preclinical programs in Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and Friedreich’s Ataxia, each with validated targets and biomarkers to enable a path to rapid potential proof-of-biology. For more information, visit www.voyagertherapeutics.com.

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

Investors
Investors@vygr.com 

Media
Peg Rusconi
prusconi@vergescientific.com

FAQ

What are the details of the employment agreements announced by Voyager Therapeutics on January 24, 2023?

Voyager Therapeutics announced employment agreements for two new hires, granting stock options for 100,000 and 50,000 shares, and restricted stock units for 50,000 and 25,000 shares, respectively.

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

The exercise price for the stock options is $9.16 per share, equal to the closing price on January 23, 2023.

When do the restricted stock units granted to the new employees of Voyager Therapeutics become effective?

The restricted stock units are scheduled to become effective on April 1, 2023.

How will the stock options granted to Voyager Therapeutics' new employees vest?

The stock options will vest over four years, with 25% vesting on the first anniversary, followed by 36 equal monthly installments.

What is Voyager Therapeutics' stock symbol and market focus?

Voyager Therapeutics trades under the symbol VYGR and focuses on gene therapy and neurology.