Voyager Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., Nov. 29, 2022 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to breaking through barriers in gene therapy and neurology, has entered into an employment agreement with a newly hired employee that, among other things, provides for the grant to such employee of a non-qualified stock option and restricted stock units as an inducement material to such employee’s entering into employment with Voyager. The inducement awards were approved by the Compensation Committee of Voyager’s Board of Directors in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The option award became effective on November 28, 2022, and the restricted stock unit award is scheduled to become effective on January 1, 2023.
The stock option award provides for the purchase of an aggregate of 54,000 shares of Voyager’s common stock, and the restricted stock unit award will represent 27,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $5.57 per share, which is equal to the closing price of Voyager's common stock on November 28, 2022, the effective date of grant. The stock option vests over four years, with 25% of the shares underlying the stock option vesting on the first anniversary of the effective date of grant and 75% of the shares underlying the stock option vesting in 36 equal monthly installments following the first anniversary of the effective dte of grant. The restricted stock unit award vests annually in equal installments over three years, beginning on the first anniversary of the effective date of grant. Vesting of the equity awards is subject to the employee’s continued employment with Voyager. Each equity award is also subject to the terms and conditions of an award agreement.
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