Savara Announces New Employment Inducement Grant

Rhea-AI Summary

Savara Inc. (SVRA) grants inducement awards to two new employees, consisting of options to purchase 125,000 shares and 70,000 restricted stock units (RSUs). The awards were granted under the 2021 Inducement Equity Incentive Plan. Options have a 10-year term with an exercise price of $4.89 per share, while RSUs vest over one to two years.

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 two new employees.

On March 21, 2024, Savara's Board of Directors granted the inducement awards to two new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 125,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 70,000 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 $4.89 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. 55,000 of the RSUs vest in full on the one-year anniversary of the employee’s first day of employment, and 15,000 of the RSUs vest in full on the two-year anniversary of the employee’s first day of employment, subject, in each case, to the employee’s continued employment on 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. (X, formerly known as Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240322650033/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What is the ticker symbol of Savara Inc. mentioned in the press release?

The ticker symbol is SVRA.

How many shares of the Company's common stock can be purchased through the options granted?

An aggregate of 125,000 shares can be purchased through the options.

Under which plan were the equity awards granted to the new employees?

The equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan.

What is the exercise price per share for the options granted?

The exercise price is $4.89 per share.

How long is the term for the options granted?

The options have a 10-year term.

How do the RSUs vest for the new employees?

55,000 RSUs vest in full on the one-year anniversary, and 15,000 RSUs vest in full on the two-year anniversary of the employee's first day of employment.