Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
March 05 2019 - 6:30AM
Business Wire
Sage Therapeutics (NASDAQ: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, today
announced that, on March 1, 2019, the Compensation Committee of
Sage’s Board of Directors granted non-qualified stock options to
purchase an aggregate of 12,550 shares of its common stock, and
4,025 performance restricted stock units (PSUs) to three 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 $157.18 per share, which
is equal to the closing price of Sage’s common stock on March 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 clinical-stage biopharmaceutical company
committed to developing novel medicines to transform the lives of
patients with life-altering CNS disorders. Sage's lead product
candidate, ZULRESSO™ (brexanolone) injection, has completed Phase 3
clinical development for postpartum depression and a New Drug
Application is currently under review with the U.S. Food and Drug
Administration. Sage is developing a portfolio of novel product
candidates targeting critical CNS receptor systems, including
SAGE-217, which is in Phase 3 development in major depressive
disorder and postpartum depression. For more information, please
visit www.sagerx.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190305005274/en/
Investors:Paul Cox, 617-299-8377paul.cox@sagerx.com
Media:Maureen L. Suda,
585-355-1134maureen.suda@sagerx.com
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