Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) said on Thursday that the board of directors' compensation committee has awarded five new hires with inducement stock options for entering into employment under Nasdaq Listing Rule 5635(c)(4).

The five newly-hired employees received the options to purchase an aggregate of 43,000 shares of common stock from the company. The options have an exercise price of USD20.76 per share, which was equal to the closing price on the grant date as of 1 September 2021.

Each stock option has a ten year term and is subject to the terms and conditions of the company's inducement equity incentive plan and the stock option agreement covering the grant.

Subject to the new employee's continued service with the company, one-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remainder vest in equal monthly instalments over the next three years in each case.