Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
VANCOUVER, British Columbia and SEATTLE, April 01, 2021 (GLOBE NEWSWIRE) -- Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved new employment inducement grants of stock options to purchase a total of 83,599 shares of common stock with a grant date of March 31, 2021 (the “Inducement Grants”) for two new employees.
The stock options approved under the Inducement Grants were issued on terms substantially similar to Chinook’s 2015 Equity Incentive Plan and have an exercise price per share equal to $15.54, the closing price per share of Chinook’s common stock on the grant date. The stock options vest over four years, with 25% vesting on each employee’s start date and 1/36th of the shares vesting monthly thereafter, subject to each employee’s continued employment on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.
The Company granted the stock options as a material inducement tothese employees for entering into employment with Chinook Therapeutics, Inc. in accordance with Nasdaq listing Rule 5635(c)(4).
About Chinook Therapeutics, Inc.
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