bluebird bio Reports Inducement Grant to CFO James Sterling Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Bluebird bio (Nasdaq: BLUE) announced the approval of an inducement grant of 300,000 stock options to its new CFO, James Sterling. This grant, approved by the Compensation Committee, is in line with Nasdaq Listing Rule 5635(c)(4) and has a grant date of July 1, 2024. The options are priced at $0.98 per share, reflecting the market value on the grant date. The vesting schedule spans four years, with 25% vesting after one year and the remainder vesting monthly over the following 36 months, contingent on Mr. Sterling's continued employment. These options have a 10-year term.

Positive

• Inducement grant of 300,000 stock options to CFO James Sterling, potentially aligning his interests with shareholders.

Negative

• Grant of options at $0.98 per share might signify low current stock valuation.

SOMERVILLE, Mass.--(BUSINESS WIRE)-- bluebird bio, Inc. (Nasdaq: BLUE) today announced that the Compensation Committee of the Company’s Board of Directors approved an inducement grant of stock options to purchase a total of 300,000 shares of common stock to its chief financial officer, James Sterling, with a grant date of July 1, 2024.

The stock options approved under the Inducement Plan have an exercise price per share equal to $0.98, the fair market value of the Company’s common stock on the grant date. The stock options vest over four years, with 25% vesting on the one-year anniversary of the grant date and 1/36 of the remaining shares vesting monthly thereafter, subject to Mr. Sterling’s continued service with the Company on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.

The Company granted the stock options as inducement materials to James Sterling entering into employment with bluebird bio, Inc. in accordance with NASDAQ Listing Rule 5635(c)(4).

About bluebird bio, Inc.

bluebird bio is pursuing curative gene therapies to give patients and their families more bluebird days.

Founded in 2010, bluebird has been setting the standard for gene therapy for more than a decade—first as a scientific pioneer and now as a commercial leader. bluebird has an unrivaled track record in bringing the promise of gene therapy out of clinical studies and into the real-world setting, having secured FDA approvals for three therapies in under two years. Today, we are proving and scaling the commercial model for gene therapy and delivering innovative solutions for access to patients, providers, and payers.

With a dedicated focus on severe genetic diseases, bluebird has the largest and deepest ex-vivo gene therapy data set in the field, with industry-leading programs for sickle cell disease, β-thalassemia and cerebral adrenoleukodystrophy. We custom design each of our therapies to address the underlying cause of disease and have developed in-depth and effective analytical methods to understand the safety of our lentiviral vector technologies and drive the field of gene therapy forward.

bluebird continues to forge new paths as a standalone commercial gene therapy company, combining our real-world experience with a deep commitment to patient communities and a people-centric culture that attracts and grows a diverse flock of dedicated birds.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240703608690/en/

Investors:

Courtney O’Leary, 978-621-7347

coleary@bluebirdbio.com

Media:

Jess Rowlands, 857-299-6103

jess.rowlands@bluebirdbio.com

Source: bluebird bio, Inc.

FAQ

What is the stock symbol for bluebird bio?

The stock symbol for bluebird bio is BLUE.

When was the stock option grant to CFO James Sterling approved?

The stock option grant was approved with a grant date of July 1, 2024.

How many shares are included in the stock option grant to bluebird bio's CFO?

The stock option grant includes 300,000 shares.

What is the exercise price of the stock options granted to bluebird bio's CFO?

The exercise price is $0.98 per share.

What is the vesting schedule for the stock options granted to bluebird bio's CFO?

25% of the options vest after one year, with the remainder vesting monthly over the following 36 months.

What is the duration of the stock options granted to bluebird bio's CFO?

The stock options have a 10-year term.