Acadia Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO–(BUSINESS WIRE)–Feb. 13, 2023– Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that on February 10, 2023, the Compensation Committee of Acadia’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 310,065 shares of common stock and 97,251 restricted stock units (“RSUs”) to 19 new employees under Acadia’s 2023 Inducement Plan. Among such awards was a non-qualified stock option to purchase 237,296 shares of common stock and RSUs covering 50,655 shares of common stock granted to Douglas J. Williamson, Acadia’s newly appointed Executive Vice President, Head of Research & Development. The Compensation Committee of Acadia’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $18.97 per share, the closing price of Acadia’s common stock on February 10, 2023, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued employment with Acadia through the applicable vesting dates. The RSUs will vest over four years, with 50% of the underlying shares vesting on the second anniversary of the applicable vesting commencement date, and the balance of the underlying shares vesting in two equal annual installments measured from the second anniversary of the applicable vesting commencement date, subject to the new employees’ continued employment with Acadia through the applicable vesting dates. The awards are subject to the terms and conditions of Acadia’s 2023 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
About Acadia Pharmaceuticals
Acadia is advancing breakthroughs in neuroscience to elevate life. For more than 25 years we have been working at the forefront of healthcare to bring vital solutions to people who need them most. We developed and commercialized the first and only approved therapy for hallucinations and delusions associated with Parkinson’s disease psychosis. Our clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Rett syndrome and neuropsychiatric symptoms in central nervous system disorders. For more information, visit us at www.acadia.com and follow us on LinkedIn and Twitter.