Vera Therapeutics Announces Inducement Awards for New Hires
Vera Therapeutics, Inc. announced new employee inducement awards aimed at bringing talented people on board to advance its mission. Under the company’s Inducement Plan, the Compensation Committee approved stock options and restricted stock units (RSUs) for two recently hired employees—tools the company uses to align new team members with its long-term goals.
What Was Granted
On September 5, the Compensation Committee granted a non-qualified stock option covering 21,750 shares of Class A common stock and RSUs covering 9,875 shares. These grants are intended as added incentive for new employees and were made in accordance with Nasdaq Listing Rule 5635(c)(4).
How the Awards Vest
The stock options carry an exercise price equal to the closing price of the company’s Class A common stock on the grant date—$38.16—and vest over four years. Twenty-five percent of the underlying shares vest on the first anniversary of the grant, with the remaining shares vesting in equal monthly installments over the following three years, so long as the employee remains in service with the company. The RSUs vest across four years as well: 25% of the shares vest on each anniversary beginning November 20, subject to the same continued service requirement.
About Vera Therapeutics
Vera Therapeutics is a late clinical-stage biotechnology company developing therapies for serious immunological diseases. Its goal is to move beyond incremental improvements and meaningfully change the standard of care for people living with difficult, immune-driven conditions.
Lead Programs
The company’s lead program is atacicept, a fusion protein designed for weekly self-administration via subcutaneous injection. Atacicept targets B-cell Activating Factor (BAFF) and A Proliferation-Inducing Ligand (APRIL), which are involved in the production of autoantibodies that drive autoimmune diseases such as IgA nephropathy (IgAN, also called Berger’s disease) and lupus nephritis. Vera is also evaluating atacicept in other autoimmune settings.
Advancing MAU868
Vera is also developing MAU868, a monoclonal antibody intended to neutralize BK virus (BKV). BKV can lead to serious complications, particularly in kidney transplant recipients. The company holds worldwide development and commercial rights to both atacicept and MAU868.
Contact Information
For additional information, investors may contact Dr. Joy Allaire at LifeSci Advisors at 212-915-2569. Media inquiries can be directed to Madelin Hawtin at LifeSci Advisors.
Frequently Asked Questions
What exactly did Vera grant as inducement awards?
On September 5, the company granted a non-qualified stock option for 21,750 shares of Class A common stock and RSUs covering 9,875 shares to two newly hired employees under its Inducement Plan.
How do the vesting schedules work for the stock options and RSUs?
The options vest over four years: 25% after the first anniversary, then monthly vesting over the next three years, contingent on continued service. The RSUs vest 25% on each anniversary beginning November 20, also subject to continued service.
What exercise price applies to the stock options?
The exercise price is $38.16 per share, which equals the closing trading price on the grant date.
Why use inducement awards, and how does this relate to Nasdaq Listing Rule 5635(c)(4)?
Inducement awards are used to attract and retain new talent by aligning compensation with long-term performance. These particular grants were made under Vera’s Inducement Plan in accordance with Nasdaq Listing Rule 5635(c)(4).
Who should I contact for investor or media questions?
Investors can reach Dr. Joy Allaire at LifeSci Advisors at 212-915-2569. For media inquiries, contact Madelin Hawtin at LifeSci Advisors.
