Adicet Bio Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Adicet Bio, Inc. (Nasdaq: ACET) announced the grant of 195,898 non-qualified stock options to Nick Harvey, appointed as Chief Financial Officer on September 16, 2020. This option aims to incentivize Mr. Harvey's employment, vesting over four years. The first 25% will vest after one year, with the remaining 75% vesting monthly. Adicet focuses on allogeneic gamma delta T cell therapies for cancer and other diseases, enhancing tumor targeting and immune response through engineered T cells.

Positive

• Appointment of Nick Harvey as CFO, enhancing financial leadership.
• Issuance of stock options to incentivize new leadership.

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• None.

MENLO PARK, Calif. and BOSTON, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (“Adicet”) (Nasdaq: ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced that on September 17, 2020, the Compensation Committee of Adicet’s Board of Directors granted non-qualified stock options of 195,898 shares of its common stock to Nick Harvey pursuant to an Inducement Non-Qualified Stock Option Agreement (the “Harvey Stock Option”). On September 16, 2020, Adicet announced the appointment of Mr. Harvey as Chief Financial Officer responsible for leading the company’s financial strategy and management of activities related to accounting, capital markets and business operations.

The Harvey Stock Option was issued as an inducement non-qualified stock option, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, as an inducement material to Mr. Harvey entering into employment with Adicet. The Harvey Stock Option will vest over a period of four years, with 25% of the shares underlying such option vesting on the first anniversary of the grant and the remaining 75% vesting in thirty-six equal monthly installments thereafter, and is subject to Mr. Harvey’s continued employment with Adicet or one of its subsidiaries. The Harvey Stock Option is subject to the terms and conditions of the form of award agreement covering the grant.

About Adicet Bio, Inc.
Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients. For more information, please visit our website at http://www.adicetbio.com.

Adicet Bio, Inc.
Investor and Media Contacts
Anne Bowdidge
abowdidge@adicetbio.com

Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200

Source: Adicet Bio, Inc.

FAQ

What stock options did Adicet grant to Nick Harvey?

Adicet granted 195,898 non-qualified stock options to Nick Harvey.

When was Nick Harvey appointed Chief Financial Officer of Adicet?

Nick Harvey was appointed Chief Financial Officer on September 16, 2020.

What is the vesting schedule for the stock options granted to Nick Harvey?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in thirty-six equal monthly installments.

What type of therapies does Adicet Bio develop?

Adicet Bio develops allogeneic gamma delta T cell therapies for cancer and other diseases.