Savara Inc. recently announced the grant of new employment inducement awards to eight individuals who joined the company. This move is part of the organization's strategy to attract and retain talent as it continues work on rare respiratory disease programs.
The Compensation Committee of the Savara Board of Directors approved the grants, which include a mix of stock options and restricted stock units. These awards are issued under the 2021 Inducement Equity Incentive Plan, in accordance with NASDAQ rules governing equity granted as a material incentive for new hires.
Regarding the specifics of the plan, the options grant encompasses 74,500 shares of common stock, while the restricted stock units cover an additional 64,500 shares. The options are priced at $5.37 per share, which corresponds to the closing price of Savara stock on the date of the grant.
The vesting schedule for these awards requires the new employees to maintain their employment with the company over time. The options vest quarterly over a set period, while the restricted stock units vest entirely on the two-year anniversary of the start date for each employee.