Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
December 03 2019 - 4:30PM
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 Monday, December 2, 2019, the
Compensation Committee of Sage’s Board of Directors granted
non-qualified stock options to purchase an aggregate of 4,200
shares of its common stock, and 700 performance restricted stock
units (PSUs) to two 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 $152.21 per share, which is equal to the closing
price of Sage’s common stock on December 2, 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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version on businesswire.com: https://www.businesswire.com/news/home/20191203006036/en/
Investors Matt Calistri 617-914-2635
matthew.calistri@sagerx.com
Media Alexis Smith 617-588-3740
alexis.smith@sagerx.com
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