NEW YORK–(BUSINESS THREAD)–Schrodinger, Inc. (Nasdaq: SDGR), the physics-based software platform transforming the way therapeutics and materials are discovered, today announced the granting of incentive equity awards to the company’s new CFO, Geoffrey Porges, MBBS . As previously announced, Dr. Porges joined the company on August 18, 2022. The grants were approved by the compensation committee of the board of directors pursuant to a delegation from Schrödinger’s board of directors, effective as of August 18 August 2022 and as incentives. material to the acceptance of Dr. Termination of employment with the Company pursuant to Nasdaq Listing Rule 5635(c)(4).
The incentive grants consisted of a nonstatutory stock option to purchase 180,000 shares of the Company’s common stock and performance-based restricted stock units covering a total of 90,000 shares of the Company’s common stock. The stock options will have an exercise price of $28.55 per share, equal to the closing price of Schrödinger common stock on August 18, 2022. The stock option has a ten-year term and s ‘adheres to four years, with 25 percent of the underlying shares. the option acquired when Dr. Porges completes 12 months of continuous service measured from the date of commencement of his employment, and the balance vests in successive equal monthly installments of 1/48 of the original number of shares when Dr. Porges has completed each additional month of service. more than 36 months after the first anniversary of the date of commencement of your employment, subject to continuity of service. Each performance-based restricted stock unit represents a contingent right to receive one share of the Company’s common stock upon the achievement of specified performance goals related to financial performance, investor engagement and development business, subject to continued service. Incentive grants are subject to the terms and conditions of the award agreements covering the grants and the Company’s 2021 Incentive Equity Incentive Plan.
Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables the discovery of new, high-quality molecules for drug development and materials applications faster and at a lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions and government laboratories worldwide. Schrödinger’s multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of new therapeutics to address unmet medical needs.
Founded in 1990, Schrödinger has more than 700 employees and works with customers and partners in more than 70 countries. For more information, visit www.schrodinger.com follow us at LinkedIn i Twitteror visit our blog, Extrapolations.com.