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Adicet Bio Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
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Adicet Bio, Inc. (Nasdaq: ACET) granted an inducement award to a new employee, consisting of 7,000 non-qualified stock options with an exercise price of $2.99 per share. The options will vest over a four-year period, subject to the employee's continued employment. The award was granted outside of Adicet's stockholder-approved equity incentive plans pursuant to the 2022 Inducement Plan, authorized by the compensation committee of the board of directors in accordance with Nasdaq Listing Rule 5635(c)(4).
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REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)--
Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced it granted an inducement award on January 31, 2024.
One individual was hired by Adicet in January 2024 and granted new hire non-qualified stock options to purchase 7,000 shares of Adicet’s common stock with an exercise price of $2.99 per share, the closing price of Adicet’s common stock as reported by Nasdaq on January 31, 2024. One-fourth of the shares underlying the employee’s option will vest on the one-year anniversary of the recipient’s start date and thereafter the remaining three-fourths of the shares underlying the employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to the employee will be fully vested on the fourth anniversary of the recipient’s start date, subject to the employee’s continued employment with Adicet on such vesting dates.
The above-described award was granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan (the Inducement Plan), which was adopted by the board of directors in January 2022 and subsequently amended in January 2023. The award was authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employee entering into employment with Adicet in accordance with Nasdaq Listing Rule 5635(c)(4).
About Adicet Bio, Inc.
Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs), to facilitate durable activity in patients. For more information, please visit our website at https://www.adicetbio.com.
Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer.
When was the inducement award granted to the new employee?
The inducement award was granted on January 31, 2024.
How many shares were included in the inducement award?
The inducement award consisted of 7,000 non-qualified stock options.
What is the exercise price per share for the stock options?
The exercise price for the stock options is $2.99 per share.
How will the stock options vest?
One-fourth of the shares will vest on the one-year anniversary of the recipient's start date, with the remaining three-fourths vesting in thirty-six substantially equal monthly installments, fully vesting on the fourth anniversary of the start date, subject to the employee's continued employment.
Under which plan was the award granted?
The award was granted outside of Adicet's stockholder-approved equity incentive plans pursuant to the 2022 Inducement Plan.
