MALVERN, PA — Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, announced that the Compensation Committee of Baudax Bio’s Board of Directors approved inducement grants of stock options to purchase an aggregate of 182,187 shares of Baudax Bio’s common stock and restricted stock units covering 56,384 shares of Baudax Bio’s common stock to 17 newly-hired employees, with a grant date of March 31, 2020.
The equity awards were granted pursuant to the NASDAQ Rule 5635(c)(4) inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Baudax Bio.
The options have an exercise price equal to the closing price of Baudax Bio’s common stock as reported by NASDAQ on March 31, 2020.
The options have a ten-year term and vest over four years, with 25% of the number of shares underlying the stock option vesting on the one-year anniversary of the grant date and the remaining shares vesting monthly over 36 months thereafter.
The restricted stock units vest annually over four years. The equity awards are subject to each individual’s continued service with Baudax Bio through the applicable vesting dates.
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