Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 23 2024 - 4:01PM
Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today
announced that on May 17, 2024, the Compensation Committee of the
Board of Directors granted inducement equity awards covering an
aggregate of 22,500 shares of its common stock to one new
non-executive employee to induce him to accept employment with
Vaxart.
The awards made are as follows: (i) an option to
purchase 15,000 shares of Vaxart’s common stock, which vests as to
1/4th of the total shares on the one-year anniversary of the grant
date of May 17, 2024, and as to 1/48th of the total shares on each
month thereafter, and has a per share exercise price equal to the
closing price of Vaxart’s common stock on the grant date; and (ii)
a restricted stock unit award covering 7,500 shares of Vaxart’s
common stock, which vests as to 25% of the shares underlying the
award on the first, second, third and fourth anniversary of the
grant date of May 17, 2024.
The awards were granted under the Vaxart, Inc.
2024 Inducement Award Plan as an employment “inducement award”
pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is
used exclusively for the grant of equity awards to individuals who
were not previously employees of Vaxart (or following a bona fide
period of non-employment) as an inducement material to entering
into employment with Vaxart.
About VaxartVaxart is a
clinical-stage biotechnology company developing a range of oral
recombinant vaccines based on its proprietary delivery platform.
Vaxart vaccines are designed to be administered using pills that
can be stored and shipped without refrigeration and to eliminate
the risk of needle-stick injury. Vaxart believes that its
proprietary pill vaccine delivery platform is suitable to deliver
recombinant vaccines, positioning the company to develop oral
versions of currently marketed vaccines and to design recombinant
vaccines for new indications. Vaxart’s development programs
currently include pill vaccines designed to protect against
coronavirus, norovirus and influenza, as well as a therapeutic
vaccine for human papillomavirus (HPV), Vaxart’s first
immune-oncology indication. Vaxart has filed broad domestic and
international patent applications covering its proprietary
technology and creations for oral vaccination using adenovirus and
TLR3 agonists.
Contacts
Vaxart Media Relations:Mark HerrVaxart,
Inc.mherr@vaxart.com(203) 517-8957
Investor Relations:Andrew BlazierFINN
PartnersIR@vaxart.com(646) 871-8486
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