Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., July 2, 2020 /PRNewswire/ -- Akebia Therapeutics®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, granted six newly-hired employees options to purchase an aggregate of 320,000 shares of Akebia's common stock on June 30, 2020, including an option to purchase 280,000 shares granted to David Spellman, Akebia's newly-hired Senior Vice President, Chief Financial Officer. The options were granted as inducements material to each such employee's entering into employment with Akebia. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $13.58 per share, which is equal to the closing price of Akebia's common stock on the grant date. Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, in each case, subject to the new employee's continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of the company's Inducement Award Program and a stock option agreement covering the grant.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. The Company was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.
Akebia Therapeutics Contact
Kristen K. Sheppard, Esq.
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SOURCE Akebia Therapeutics