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Adicet Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
Adicet Bio, Inc. (NASDAQ: ACET), a clinical-stage biotechnology company, announced the granting of inducement awards on April 29, 2022, to four newly hired employees. The awards include non-qualified stock options to purchase a total of 62,000 shares at an exercise price of $14.74 per share, equal to the stock's closing price on that date. The vesting schedule allows for one-fourth of the shares to vest after one year, with the remainder vesting in monthly installments over three years. These awards were granted under Adicet's 2022 Inducement Plan, adopted in January 2022.
Positive
Inducement awards granted to four new employees to attract talent.
Total of 62,000 stock options at an exercise price of $14.74, aligning employee interests with company performance.
Vesting schedule incentivizes long-term employment and retention.
Negative
None.
MENLO PARK, Calif. & BOSTON--(BUSINESS WIRE)--
Adicet Bio, Inc. (Nasdaq: ACET), a clinical-stage biotechnology company discovering and developing allogeneic gamma delta CAR T cell therapies for cancer, today announced it granted inducement awards on April 29, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to four individuals hired by Adicet in April 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 62,000 shares of Adicet’s common stock with an exercise price of $14.74 per share, the closing price of Adicet’s common stock as reported by Nasdaq on April 29, 2022. One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of each recipient’s start date and thereafter the remaining three-fourths of the shares underlying each employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the recipient’s start date, in each case, subject to each such employee’s continued employment with Adicet on such vesting dates.
All of the above-described awards were granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan, which was adopted by the board of directors in January 2022. The awards were authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employees 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 cancer. 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.
What inducement awards were granted by Adicet Bio on April 29, 2022?
Adicet Bio granted 62,000 non-qualified stock options to four new employees, with an exercise price of $14.74 per share.
How will the stock options awarded to employees vest?
The stock options will vest one-fourth after one year, with the remaining shares vesting in equal monthly installments over three years.
What is the purpose of the inducement awards by Adicet Bio?
The inducement awards are designed to attract and retain talent as part of Adicet's employment strategy.
Under which plan were the inducement awards granted?
The awards were granted under Adicet's 2022 Inducement Plan, adopted in January 2022.
What is the significance of the exercise price set for the stock options?
The exercise price of $14.74 reflects the closing price of Adicet’s stock on the grant date, aligning the interests of the employees with shareholders.
