Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Vaxart (NASDAQ: VXRT) announced equity inducement awards for its new Chief Financial Officer, Jeroen Grasman, effective May 19, 2025. The compensation package includes: (1) an option to purchase 1,000,000 shares of common stock, vesting 25% after one year and 1/48th monthly thereafter, with exercise price at grant date closing price, and (2) a restricted stock unit (RSU) award of 350,000 shares, vesting 25% annually over four years. The awards were granted under Vaxart's 2024 Inducement Award Plan, complying with Nasdaq Listing Rule 5635(c)(4) for new employee inducement awards.
Positive
- Successful recruitment of new CFO indicating corporate governance strength
- Substantial equity compensation package aligns executive interests with shareholders
- Four-year vesting schedule promotes long-term retention
Negative
- Potential dilution from 1.35 million shares in new equity awards
- Significant compensation package may impact operating expenses
News Market Reaction 1 Alert
On the day this news was published, VXRT declined 9.98%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SOUTH SAN FRANCISCO, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today announced that the Compensation Committee of the Board of Directors approved certain equity awards to the Company’s new Chief Financial Officer, Jeroen Grasman, effective May 19, 2025. The awards were made pursuant to the Company’s previously disclosed offer letter with Mr. Grasman, and as a material inducement to his joining the Company as Chief Financial Officer.
The awards made to Mr. Grasman are as follows: (i) an option to purchase 1,000,000 shares of Vaxart’s common stock, which vests as to 1/4th of the total shares on the one-year anniversary of his start date, and as to 1/48th of the total shares on each month thereafter, and has a per share exercise price equal to the closing price of Vaxart’s common stock on the grant date; and (ii) a restricted stock unit award covering 350,000 shares of Vaxart’s common stock, which vests as to
The awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan as an employment “inducement award” pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Award Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Vaxart (or following a bona fide period of non-employment) as an inducement material to entering into employment with Vaxart.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
| Vaxart Media and Investor Relations: |
| Matt Steinberg |
| FINN Partners |
| IR@vaxart.com |
| (646) 871-8481 |
This press release was published by a CLEAR® Verified individual.
FAQ
What equity awards did Vaxart (VXRT) grant to its new CFO in May 2025?
Who is the new CFO of Vaxart (VXRT) appointed in May 2025?
What is the vesting schedule for Vaxart's CFO stock options granted in May 2025?
How do the RSUs vest for Vaxart's new CFO appointment?
