Invitae Reports Inducement Grants Under NYSE Rule 303A.08
SAN FRANCISCO, Aug. 4, 2020 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA), a leading medical genetics company, today announced that it granted restricted stock units ("RSUs") to Kenneth D. Knight, Invitae's new Chief Operating Officer and Karthik Suri, Invitae's new Chief Digital Officer. The RSUs were granted under Invitae's 2015 Stock Incentive Plan, which was amended and restated to create an additional pool of 475,000 shares of Invitae common stock to be used exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The RSUs were approved by the Board of Directors of Invitae and were made as an inducement material to each employee entering into employment with Invitae in reliance on the employment inducement exemption under Rule 303A.08.
In connection with his appointment as Chief Operating Officer, Mr. Knight was granted an inducement award of 250,000 RSUs, with one-third of the RSUs vesting on each of the first three anniversaries of May 15, 2020, subject to his continued service as an employee of Invitae through the applicable vesting dates. Mr. Knight was granted an additional 75,000 RSUs which will vest with respect to 50% of the common stock underlying the RSUs on December 15, 2020, and with respect to the remainder, on June 15, 2021.
Mr. Suri was granted an award of 150,000 RSUs in connection with his appointment as Chief Digital Officer, with one-third of the RSUs vesting on each of the first three anniversaries of May 15, 2020, subject to his continued service as an employee of Invitae through the applicable vesting dates.
All RSU grants described above will be subject to the terms and conditions of the 2015 Stock Incentive Plan and the applicable stock award agreements.
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company, whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit the company's website at invitae.com.
Source: Invitae Corporation
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