YARDLEY, PA — Savara Inc. (Nasdaq: SVRA) granted stock options and restricted stock units covering a combined 139,000 shares to eight new employees as the clinical-stage biotechnology company continues development of its lead rare respiratory disease therapy.
The awards, approved Aug. 17 by the Compensation Committee of Savara’s board, include options to purchase 74,500 common shares and restricted stock units covering another 64,500 shares, according to the company.
Savara issued the awards under its 2021 Inducement Equity Incentive Plan as an incentive for the employees to join the company. The grants were made pursuant to Nasdaq Listing Rule 5635(c)(4), which permits certain equity awards to new employees as a material inducement to employment.
The stock options carry an exercise price of $5.37 per share, equal to Savara’s Nasdaq closing price on the grant date, and have 10-year terms.
The options vest quarterly over four years, with one-sixteenth becoming exercisable on each quarterly anniversary of an employee’s start date, subject to continued employment.
The restricted stock units vest in full on the second anniversary of each employee’s first day of employment, also subject to continued employment.
Savara is developing MOLBREEVI, a recombinant human granulocyte-macrophage colony-stimulating factor, as its lead drug candidate. The treatment is in Phase 3 development for autoimmune pulmonary alveolar proteinosis, a rare lung disease.
MOLBREEVI is administered using an investigational eFlow Nebulizer System developed by PARI Pharma GmbH specifically for the therapy.
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