Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
July 03 2019 - 6:30AM
Business Wire
Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical
company developing novel medicines to treat life-altering central
nervous system (CNS) disorders, today announced that, on July 1,
2019, the Compensation Committee of Sage’s Board of Directors
granted non-qualified stock options to purchase an aggregate of
14,700 shares of its common stock, and 4,450 performance restricted
stock units (PSUs) to six 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 $183.92 per share, which
is equal to the closing price of Sage’s common stock on July 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 medicines
to transform the lives of patients with life-altering central
nervous system (CNS) disorders. Sage’s portfolio of novel compounds
targets critical receptor systems in the brain and includes the
first treatment specifically approved by the U.S. Food and Drug
Administration for postpartum depression as well as compounds being
developed as potential treatments for diseases such as major
depressive disorder, insomnia, bipolar disorder and essential
tremor. 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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