Schrödinger Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
11 August 2023 - 10:30PM
Business Wire
Schr�dinger, Inc. (Nasdaq: SDGR), whose physics-based
computational platform is transforming the way therapeutics and
materials are discovered, today reported that on August 9, 2023,
the company granted (i) a non-statutory stock option to purchase
90,000 shares of the company’s common stock and (ii) restricted
stock units (RSUs) with respect to 15,000 shares of the company’s
common stock to the company’s newly appointed chief medical
officer, Margaret Dugan, M.D. As previously announced, Dr. Dugan
joined the company on July 31, 2023.
In addition, on August 9, 2023, the company granted (i)
non-statutory stock options to purchase 3,375 shares of the
company’s common stock to three newly hired employees and (ii) RSUs
with respect to 4,125 shares of the company’s common stock to five
newly hired employees.
The grants to Dr. Dugan and the other newly-hired employees were
made pursuant to the company’s 2021 Inducement Equity Incentive
Plan, were approved by the compensation committee of the board of
directors pursuant to a delegation by the company’s board of
directors, and were made as a material inducement to such
employees’ acceptance of employment with the company in accordance
with Nasdaq Listing Rule 5635(c)(4) as a component of his or her
employment compensation.
The stock options, including the stock options granted to Dr.
Dugan, have an exercise price of $39.89 per share, equal to the
closing price of Schr�dinger’s common stock on August 9, 2023. The
stock options have a ten-year term and vest over four years, with
25 percent of the shares underlying the option vesting when the
employee completes 12 months of continuous service measured from
the employment start date and the balance of the shares vesting in
a series of successive equal monthly installments of 1/48 of the
original number of shares upon the employee’s completion of each
additional month of service over the 36-month period following the
first anniversary of the employment start date.
The RSUs, including the RSUs granted to Dr. Dugan, vest over
four years, with 25 percent of such RSUs vesting when such employee
completes 12 months of continuous service measured from the vesting
commencement date, and the balance of the RSUs vesting in a series
of successive equal yearly installments of 1/4 of the original
number of RSUs upon each such employee’s completion of each
additional year of service over the three-year period following the
first anniversary of the vesting commencement date.
The inducement grants are subject to the terms and conditions of
award agreements covering the grants and the company’s 2021
Inducement Equity Incentive Plan.
About Schr�dinger
Schr�dinger is transforming the way therapeutics and materials
are discovered. Schr�dinger has pioneered a physics-based
computational platform that enables discovery of high-quality,
novel molecules for drug development and materials applications
more rapidly and at lower cost compared to traditional methods. The
computational platform is licensed by biopharmaceutical and
industrial companies, academic institutions, and government
laboratories around the world. Schr�dinger’s multidisciplinary drug
discovery team also leverages the software platform to advance a
portfolio of collaborative and proprietary programs to address
unmet medical needs.
Founded in 1990, Schr�dinger has approximately 800 employees and
is engaged with customers and collaborators in more than 70
countries. To learn more, visit www.schrodinger.com, follow us on
LinkedIn, or visit our blog, Extrapolations.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230811568641/en/
Investors: Jaren Madden ir@schrodinger.com
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