GAITHERSBURG, Md., March 2,
2023 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a
global company advancing protein-based vaccines with its novel
Matrix-M™ adjuvant, today announced that the Company granted a
non-qualified stock option and restricted stock units to
Elaine O'Hara, its newly appointed
Chief Strategy Officer, as a material inducement for her entry into
employment with Novavax, effective as of March 1, 2023 (the "grant date"). These awards
were approved by the Compensation Committee of Novavax and were
granted in accordance with Nasdaq Listing Rule 5635(c)(4) and
pursuant to the Novavax, Inc. 2023 Inducement Plan.
The non-qualified stock option is an option to purchase 67,900
shares of Novavax's common stock with a per share exercise price of
$6.86, the closing price of Novavax's
common stock on the Nasdaq Global Select Market on the grant date.
The non-qualified stock option has a ten-year term and will vest as
to one-quarter of the underlying shares on the first anniversary of
the grant date, and as to the remaining shares in equal monthly
installments for 36 months thereafter, in each case generally
subject to Ms. O'Hara's continued employment with Novavax through
the applicable vesting date. The restricted stock units are with
respect to 58,800 shares of Novavax's common stock and will vest as
to one-third of the restricted stock units on each of the first
three anniversaries of the grant date, in each case generally
subject to Ms. O'Hara's continued employment with Novavax through
the applicable vesting date. The non-qualified stock option and
restricted stock units are subject to the terms and conditions of
the Novavax, Inc. 2023 Inducement Plan.
About Novavax
Novavax, Inc. (Nasdaq: NVAX) promotes
improved health by discovering, developing, and commercializing
innovative vaccines to protect against serious infectious diseases.
Novavax, a global company based in Gaithersburg, Md., U.S., offers a
differentiated vaccine platform that combines a recombinant protein
approach, innovative nanoparticle technology and Novavax's patented
Matrix-M adjuvant to enhance the immune response. Focused on the
world's most urgent health challenges, Novavax is currently
evaluating vaccines for COVID-19, influenza, and COVID-19 and
influenza combined.
Forward-Looking Statements
Statements herein relating
to the future of Novavax, its operating plans and prospects, its
role in improving health globally, the ongoing development of
NVX-CoV2373, NVX-CoV2515, a bivalent Omicron-based / original
strain based vaccine, the CIC vaccine candidate and a quadrivalent
influenza investigational vaccine candidate are forward-looking
statements. Novavax cautions that these forward-looking statements
are subject to numerous risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These risks and uncertainties include, without
limitation, challenges satisfying, alone or together with partners,
various safety, efficacy, and product characterization
requirements, including those related to process qualification and
assay validation, necessary to satisfy applicable regulatory
authorities; difficulty obtaining scarce raw materials and
supplies; resource constraints, including human capital and
manufacturing capacity, on the ability of Novavax to pursue planned
regulatory pathways; unanticipated challenges or delays in
conducting clinical trials; challenges meeting contractual
requirements under agreements with multiple commercial,
governmental, and other entities; the emergence of variants of the
SARS-CoV-2 virus that may negatively impact market acceptance or
anticipated sales of NVX-CoV-2373; and those other risk factors
identified in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of Novavax's Annual Report on Form 10-K for the year ended
December 31, 2022 as filed with the
Securities and Exchange Commission (SEC). We caution investors not
to place considerable reliance on forward-looking statements
contained in this press release. You are encouraged to read our
filings with the SEC, available at www.sec.gov and
www.novavax.com, for a discussion of these and other risks
and uncertainties. The forward-looking statements in this press
release speak only as of the date of this document, and we
undertake no obligation to update or revise any of the statements.
Our business is subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties.
CONTACTS
Investors
Erika Schultz
240-268-2022
ir@novavax.com
Media
Ali Chartan
240-720-7804
media@novavax.com
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SOURCE Novavax, Inc.