Employee compensation in Shares.. at least they think they are worth something!
IRVINE, California, June 12, 2017 /PRNewswire/ -- Novus Therapeutics, Inc. (NASDAQ: NVUS) announced today that the Compensation Committee of the Company's Board of Directors approved a grant of inducement stock options for two new employees. The Compensation Committee approved a grant of options to purchase 8,700 shares of the Company's common stock with a $4.86 exercise price, the closing price on May 30, 2017. The options have a ten-year term and vest over four years, with one-fourth vesting on the first anniversary of the date of grant and the remaining three-fourths vesting in equal monthly installments thereafter.
The grant was made as an inducement that was a material component of the new employee's compensation and subsequent acceptance of employment with the Company and was granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4) approved by the Company's Compensation Committee.
