CAMBRIDGE, Mass.–(BUSINESS WIRE)–Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company
developing novel medicines to treat life-altering central nervous system
(CNS) disorders, today announced that, on May 1, 2019, the Compensation
Committee of Sage’s Board of Directors granted non-qualified stock
options to purchase an aggregate of 21,680 shares of its common stock,
and 6,280 performance restricted stock units (PSUs) to six new employees
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 $166.76 per share, which is equal
to the closing price of Sage’s common stock on May 1, 2019. 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
each 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 medicines to
transform the lives of patients with life-altering central nervous
system (CNS) disorders. Sage’s portfolio of novel compounds targets
critical receptor systems in the brain and includes the first treatment
specifically approved by the U.S. Food and Drug Administration for
postpartum depression as well as compounds being developed as potential
treatments for diseases such as major depressive disorder, insomnia,
bipolar disorder and essential tremor. For more information, please
visit www.sagerx.com.
Contacts
Investor Contact:
Maren Killackey, 617-949-4113
[email protected]
Media Contact:
Jeff Boyle, 617-949-4256
[email protected]
