Scholar Rock Reports New Employee Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Scholar Rock , a late-stage biopharmaceutical company focused on advancing innovative treatments for spinal muscular atrophy (SMA), cardiometabolic disorders, and other serious diseases where protein growth factors play a fundamental role, today announced that the company granted inducement equity awards covering an aggregate of 131,688 shares of its common stock to four newly hired employees, consisting of inducement stock options to purchase an aggregate of 75,250 shares of common stock and inducement restricted stock units (“RSUs”), covering an aggregate of 56,438 shares of its common stock.
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The awards are subject to all terms and conditions and other provisions set forth in the Company’s 2022 Inducement Equity Plan (“The Plan”) and the award agreements thereunder.
The Plan, which was adopted by the Company’s board of directors on June 16, 2022, is used exclusively for the grant of equity awards to individuals who were not previously employees of Scholar Rock, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Scholar Rock, pursuant to Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $15.75, which is equal to the closing price of Scholar Rock’s common stock on February 12, 2024. The stock option award will vest with respect to 25% of the shares of common stock underlying the award on the first anniversary of each employee’s start date, and the remaining 75% of the shares of common stock underlying the Stock Option Award will vest in 12 equal quarterly installments thereafter. Vesting for RSUs will be in four equal annual installments. All vesting related to inducement awards is subject to the employees’ continuing service at the Company through the applicable vesting date.
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