BridgeBio Pharma Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
PALO ALTO, Calif., Nov. 27, 2019 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO), a clinical-stage biopharmaceutical company focused on genetic diseases, today announced grants of inducement awards to its Chief Operating Officer, Brian Stolz; its Chief Accounting Officer, Yi Ching Yau; and one additional employee, on November 13, 2019.
The Company granted Mr. Stolz (i) non-qualified stock options to purchase 102,081 shares of the Company’s common stock with an exercise price of $26.28 per share, the closing price of BridgeBio’s common stock as reported by Nasdaq on November 13, 2019, (ii) a restricted stock award of 22,839 shares of the Company’s common stock, (iii) a time-based restricted stock unit award of 106,469 units, each of which relates to one share of the Company’s common stock and (iv) a performance-based restricted stock unit award of 53,234 units, each of which relates to one share of the Company’s common stock.
The Company granted Ms. Yau (i) non-qualified stock options to purchase 78,148 shares of the Company’s common stock with an exercise price of $26.28 per share, the closing price of BridgeBio’s common stock as reported by Nasdaq on November 13, 2019 and (ii) a time-based restricted stock unit award of 20,376 units, each of which relates to one share of the Company’s common stock.
The Company granted one additional employee a time-based restricted stock unit award of 26,164 units, each of which relates to one share of the Company’s common stock.
The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have a 10-year term and vest over four years, with 25% vesting on the first anniversary of the individual’s hire date and the remaining 75% vesting in substantially equal monthly installments over the next 36 months. The restricted stock award to Mr. Stolz was fully vested upon grant. The time-based restricted stock unit awards vest over four years, with 25% vesting on the first anniversary of the specified vesting commencement date and the remaining 75% vesting in substantially equal quarterly installments over the next 12 quarters. Mr. Stolz’s performance-based restricted stock unit awards vest in a single installment on September 20, 2022 based on performance metrics. The vesting of the equity awards is subject to the grantee’s continued service with BridgeBio through the applicable vesting dates and, in the case of Mr. Stolz’s time-based awards, to acceleration upon the occurrence of certain events as set forth in the award agreement evidencing the awards.
The above-described awards were granted outside of BridgeBio’s stockholder-approved equity incentive plans pursuant to BridgeBio’s 2019 Inducement Equity Plan (the “Plan”). The awards were approved by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the individuals entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The Plan was adopted by BridgeBio’s board of directors in November 2019.
About BridgeBio
BridgeBio is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source. BridgeBio was founded in 2015 to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio’s pipeline of over 15 development programs includes product candidates ranging from early discovery to late-stage development.
Contact:
BridgeBio Pharma, Inc.
Grace Rauh
(917) 232-5478
