Savara Announces New Employment Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
AUSTIN, Texas--(BUSINESS WIRE)--May 14, 2021--
Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced that on May 11, 2021, the Compensation Committee of the Company’s Board of Directors granted a newly hired employee the option to purchase 175,000 shares of the Company's common stock and restricted stock units (RSUs) covering 100,000 shares of the Company’s common stock. These equity awards were granted pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employee’s acceptance of employment with the Company.
The options have an exercise price of $1.62 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date. The option has a 10-year term and vests as to 1/16th of the number of shares subject to the option on each quarterly anniversary of May 3, 2021, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of May 3, 2021, subject to the employee’s continued employment on such vesting date.
Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at www.savarapharma.com. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/)
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Savara Inc. IR & PR
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Source: Savara Inc.