Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) declared on Monday that the board of directors' compensation committee has awarded six newly-hired employees with inducement options to purchase an aggregate of 40,000 shares of its common stock in accordance with Nasdaq Listing Rule 5635(c)(4).

The company stated that the stock options have an exercise price of USD17.33 per share, which was equal to the closing price of its common stock on the grant date as of 1 October 2021.

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 installments over the next three years, in each case.

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 stock option agreement covering the grant.