Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Akebia Therapeutics granted five newly-hired employees options to purchase an aggregate of 856,950 shares of Akebia's common stock, including options for the Chief Commercial Officer and Chief Accounting Officer. The options were granted as an inducement material to each employee entering into employment with Akebia, in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price is $1.68 per share, with the stock options vesting over four years. Each stock option has a 10-year term and is subject to the terms and conditions of Akebia's inducement award program and a stock option agreement covering the grant.

CAMBRIDGE, Mass., Feb. 2, 2024 /PRNewswire/ -- Akebia Therapeutics^®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, granted five newly-hired employees options to purchase an aggregate of 856,950 shares of Akebia's common stock on January 31, 2024, including an option to purchase 454,950 shares to Nik Grund, Akebia's newly hired Chief Commercial Officer, and an option to purchase 336,000 shares to Richard Malabre, Akebia's newly hired Chief Accounting Officer. The options were granted as an inducement material to each such employee entering into employment with Akebia. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $1.68 per share, which is equal to the closing price of Akebia's common stock on the grant date. The stock options vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, in each case, subject to the new employee's continued service with Akebia. Each stock option has a 10-year term and is subject to the terms and conditions of Akebia's inducement award program and a stock option agreement covering the grant.

About Akebia Therapeutics

Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. Akebia was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.

Akebia Therapeutics Contact

Mercedes Carrasco
mcarrasco@akebia.com 

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SOURCE Akebia Therapeutics, Inc.

How many shares of Akebia's common stock were granted to the newly-hired employees?

Akebia Therapeutics granted an aggregate of 856,950 shares of Akebia's common stock to the newly-hired employees.

Who were the recipients of the stock options?

Nik Grund, Akebia's newly hired Chief Commercial Officer, and Richard Malabre, Akebia's newly hired Chief Accounting Officer, were recipients of the stock options.

What is the exercise price of the stock options?

The exercise price of the stock options is $1.68 per share.

How long is the vesting period for the stock options?

The stock options vest over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, subject to the new employee's continued service with Akebia.

What is the term of each stock option?

Each stock option has a 10-year term.