Savara Announces New Employment Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
AUSTIN, Texas--(BUSINESS WIRE)--Feb. 28, 2023--
Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to a new employee.
On February 24, 2023, Savara's Board of Directors granted the inducement award to Robert M. Lutz, who joined the Company as Chief Operating Officer on February 13, 2023. The inducement award consists of options to purchase 350,000 shares of the Company’s common stock and restricted stock units (RSUs) covering 140,000 shares of the Company’s common stock. This equity award was granted under the Savara Inc. 2021 Inducement Equity Incentive Plan 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 $2.53 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date. Each 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 the employee’s first day of employment, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of the employee’s first day of employment, 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). Molgramostim is delivered via an investigational eFlow® Nebulizer System (PARI Pharma GmbH). 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
Anne Erickson (email@example.com)
Source: Savara Inc.