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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) announced the grant of inducement stock options to new hires as part of its 2022 Inducement Plan on September 30, 2022. The awards, totaling 25,600 non-qualified stock options, offer an exercise price of $14.22 per share, the closing price on the grant date. These options will vest over four years, contingent upon continued employment. The plan was adopted in January 2022 and authorized by an independent compensation committee, aligning with Nasdaq Listing Rule 5635(c)(4).
Positive
Inducement awards granted to attract skilled employees.
Stock options priced at the closing market rate, ensuring fairness.
Negative
None.
REDWOOD CITY, 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 September 30, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to four individuals hired by Adicet in September 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 25,600 shares of Adicet’s common stock with an exercise price of $14.22 per share, the closing price of Adicet’s common stock as reported by Nasdaq on September 30, 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 were the details of Adicet Bio's inducement stock options grant on September 30, 2022?
Adicet Bio granted 25,600 non-qualified stock options to new hires at an exercise price of $14.22 per share, vesting over four years, contingent upon continued employment.
What is the purpose of Adicet Bio's 2022 Inducement Plan?
The 2022 Inducement Plan is designed to attract and retain qualified employees by providing stock option incentives.
How does the vesting schedule work for the stock options granted by Adicet Bio?
One-fourth of the shares will vest after one year, with the remaining shares vesting in 36 equal monthly installments over the next three years.
Which regulatory rule does Adicet Bio's inducement stock options grant comply with?
The inducement stock options comply with Nasdaq Listing Rule 5635(c)(4), which governs awards granted as inducements for employment.
What is the significance of the exercise price set for Adicet Bio's stock options?
The exercise price of $14.22 per share reflects the closing price on the grant date, ensuring that options are aligned with market value.
