Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
August 05 2019 - 6:30AM
Business Wire
Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical
company committed to developing novel therapies with the potential
to transform the lives of people with debilitating disorders of the
brain, today announced that on August 1, 2019, the Compensation
Committee of Sage’s Board of Directors granted non-qualified stock
options to purchase an aggregate of 11,550 shares of its common
stock, and 1,925 performance restricted stock units (PSUs) to seven
new employees under Sage’s 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the
grant of equity awards to individuals who were not previously an
employee or non-employee director of Sage (or following a bona fide
period of non-employment), as an inducement material to such
individual's entering into employment with Sage, pursuant to Rule
5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $162.41 per share, which
is equal to the closing price of Sage’s common stock on August 1,
2019. Each option will vest and become exercisable as to 25% of the
shares on the first anniversary of the recipient’s start date and
will vest and become exercisable as to the remaining 75% of the
shares in 36 equal monthly installments following the first
anniversary, in each case, subject to each such employee’s
continued employment with Sage on such vesting dates. The PSUs will
vest in increments if pre-established performance milestones are
achieved, subject to the employee’s continued employment with Sage
on such vesting dates.
The equity awards are subject to the terms and conditions of
Sage’s 2016 Inducement Equity Plan, and the terms and conditions of
equity award agreements covering the grants.
About Sage Therapeutics Sage Therapeutics is a
biopharmaceutical company committed to developing novel therapies
with the potential to transform the lives of people with
debilitating disorders of the brain. We are pursuing new pathways
with the goal of improving brain health and our depression,
neurology and neuropsychiatry franchise programs aim to change how
brain disorders are thought about and treated. Our mission is to
make medicines that matter so people can get better, sooner. For
more information, please visit www.sagerx.com.
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Investor Contact Maren Killackey 617-949-4113
maren.killackey@sagerx.com
Media Contact Alexis Smith 617-588-3740
alexis.smith@sagerx.com
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