Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
April 03 2020 - 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 April 1, 2020, the Compensation
Committee of Sage’s Board of Directors granted non-qualified stock
options to purchase an aggregate of 540 shares of its common stock,
and 90 performance restricted stock units (PSUs) to one new
employee 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 $26.75 per share, which is
equal to the closing price of Sage’s common stock on April 1, 2020.
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 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 Jeff Boyle 617-949-4256
Jeff.Boyle@sagerx.com
Media Contact Alexis Smith 617-588-3740
alexis.smith@sagerx.com
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