Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
SEATTLE, May 12, 2022 (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 a new employment inducement grant of stock options to purchase 45,000 shares of common stock with a grant date of May 6, 2022 (the “Inducement Grant”) to one new employee.
The stock options approved under the Inducement Grant were issued on terms substantially similar to Chinook’s 2015 Equity Incentive Plan and have an exercise price per share equal to $13.64, 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 the employee’s start date and 1/36th of the remaining shares vesting monthly thereafter, subject to the employee’s continued employment on each such date. The stock options have a 10-year term and are subject to the terms andconditions of the stock option agreement.
The Company granted the stock options as a material inducement to this employee for entering into employment with Chinook Therapeutics, Inc. in accordance with Nasdaq listing Rule 5635(c)(4).
About Chinook Therapeutics, Inc.
Contact: Noopur Liffick Vice President, Investor Relations & Corporate Communications [email protected] [email protected]
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