MALVERN, PA — Baudax Bio, Inc. (NASDAQ: BXRX) announced that the Compensation Committee of Baudax Bio’s Board of Directors recently approved inducement grants of stock options to purchase an aggregate of 242,688 shares of Baudax Bio’s common stock and restricted stock units covering 79,385 shares of Baudax Bio’s common stock to 22 newly-hired employees, with a grant date of September 30, 2021.
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 $0.56 per share, the closing price of Baudax Bio’s common stock as reported by Nasdaq on September 30, 2021. 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 one-year anniversary of the applicable vesting commencement date (based on the quarter in which the applicable employee’s employment commenced) 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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