Savara Announces New Employment Inducement Grant

Rhea-AI Summary

Savara Inc. grants inducement awards to three new employees, consisting of options to purchase 150,000 shares of the Company's common stock. The options have an exercise price of $3.57 per share and vest quarterly over a 10-year term.

Positive

• Savara Inc. grants inducement awards to new employees, showing commitment to attracting and retaining talent.
• Options to purchase 150,000 shares of the Company's common stock provided as an incentive to new employees.

Negative

• None.

AUSTIN, Texas--(BUSINESS WIRE)-- Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to three new employees.

On August 3, 2023, the Compensation Committee of Savara's Board of Directors granted the inducement awards to three new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 150,000 shares of the Company’s common stock. These equity awards were 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 employees’ acceptance of employment with the Company.

The options have an exercise price of $3.57 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 1/16^th 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.

About Savara

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/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804265923/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the purpose of the inducement awards?

The inducement awards are meant to attract and retain new employees.

How many shares can be purchased through the options?

The options allow the purchase of 150,000 shares of the Company's common stock.

What is the exercise price of the options?

The exercise price of the options is $3.57 per share.

How long is the vesting period for the options?

The options vest quarterly over a 10-year term.