WEST CHESTER, PA — Verrica Pharmaceuticals Inc. (Nasdaq: VRCA) has announced a significant stock option grant to David Zawitz, the company’s newly appointed Chief Operating Officer. The Compensation Committee approved a nonqualified stock option for Zawitz to purchase 950,000 shares of Verrica’s common stock. The grant was made under the company’s Inducement Plan as a material incentive for Zawitz to join the organization, in line with Nasdaq Listing Rule 5635(c)(4).
The Inducement Plan enables the company to grant equity awards to individuals who are new to Verrica, helping attract top talent. The awarded stock option’s exercise price will be based on Verrica’s closing share price on December 9, 2024.
The vesting schedule requires Zawitz to remain employed with Verrica over time. One-eighth of the shares will vest six months after his start date, with 1/48th of the shares vesting monthly thereafter, on the same day of the month as his start date. This schedule continues over a total period of four years, contingent on Zawitz’s ongoing service with the company.
The grant is an example of Verrica’s efforts to attract experienced leadership while aligning executive incentives with shareholder interests through equity-based compensation.
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