Voyager Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Voyager Therapeutics (Nasdaq: VYGR), a biotechnology company focusing on neurogenetic medicines, has granted inducement awards to new employee Eric Hall, Ph.D., M.B.A. The awards, approved by the Compensation Committee under Nasdaq Listing Rule 5635(c)(4), include:
1. A non-qualified stock option for 36,000 shares, effective July 22, 2024, with a ten-year term and an exercise price of $8.77 per share. It vests over four years: 25% after one year, then 75% monthly over three years.
2. Restricted stock units for 18,000 shares, effective October 1, 2024, vesting annually in equal installments over three years.
Both awards are subject to Dr. Hall's continued employment with Voyager and the terms of their respective award agreements.
Positive
- Attraction of new talent with expertise (Ph.D., M.B.A.) to the company
- Alignment of employee interests with company performance through equity-based compensation
Negative
- Potential dilution of existing shareholders' equity due to new stock issuance
LEXINGTON, Mass., July 23, 2024 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to advancing neurogenetic medicines, has entered into an employment agreement with Eric Hall, Ph.D., M.B.A. that, among other things, provides for the grant to Dr. Hall of a non-qualified stock option and restricted stock units as an inducement material to Dr. Hall’s entering into employment with Voyager. The inducement awards were approved by the Compensation Committee of Voyager’s Board of Directors in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The option award became effective on July 22, 2024, and the restricted stock unit award is scheduled to become effective on October 1, 2024.
The stock option award to Dr. Hall provides for the purchase of an aggregate of 36,000 shares of Voyager’s common stock, and the restricted stock unit award to Dr. Hall will represent 18,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of
About Voyager Therapeutics
Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), Parkinson’s disease, and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; Neurocrine Biosciences, Inc.; and Sangamo Therapeutics, Inc. For more information, visit www.voyagertherapeutics.com.
Voyager Therapeutics® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc.
Contacts
Trista Morrison, NACD.DC, tmorrison@vygr.com
Investors: Adam Bero, Ph.D., abero@kendallir.com
Media: Brooke Shenkin, brooke@scientpr.com
FAQ
What inducement grants did Voyager Therapeutics (VYGR) announce on July 23, 2024?
What is the exercise price and vesting schedule for the stock option granted by Voyager Therapeutics (VYGR)?
When will the restricted stock units granted by Voyager Therapeutics (VYGR) become effective?
How do the inducement grants align with Nasdaq listing rules for Voyager Therapeutics (VYGR)?
