Precision BioSciences Announces Grant of Inducement Award Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Precision BioSciences, Inc. (DTIL) announced the approval of an inducement award for a new employee under the 2021 Employment Inducement Incentive Award Plan. The award consists of a stock option to purchase 160,000 shares of Precision's common stock at an exercise price of $0.42 per share, with a 10-year term and vesting over a four-year period.

DURHAM, N.C.--(BUSINESS WIRE)-- Precision BioSciences, Inc. (Nasdaq: DTIL), an advanced gene editing company utilizing its novel proprietary ARCUS® platform to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion, excision, and elimination, today announced that, on November 21, 2023, the Compensation Committee of Precision’s Board of Directors approved the grant of an inducement award to a new employee under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The inducement award consists of an option to purchase (“stock option”) 160,000 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), which was granted to an employee in connection with their commencement of employment. The stock option was granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employee to commence service with Precision.

The stock option has a per share exercise price equal to the fair market value of Precision’s Common Stock on the grant date, which was equal to $0.42. The stock option has a 10-year term and vests (subject to continued service to Precision through the applicable vesting dates) as to 25% of the award on the first anniversary of the date of the commencement of their employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter.

About Precision BioSciences, Inc.

Precision BioSciences, Inc. is an advanced gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231128877705/en/

Investor and Media Contact:

Mei Burris

Senior Director of Finance and Controller

Mei.Burris@precisionbiosciences.com

Source: Precision BioSciences, Inc.

FAQ

What did Precision BioSciences, Inc. (DTIL) announce recently?

Precision BioSciences, Inc. (DTIL) announced the approval of an inducement award for a new employee under the 2021 Employment Inducement Incentive Award Plan.

How many shares are included in the inducement award?

The inducement award consists of a stock option to purchase 160,000 shares of Precision BioSciences, Inc.'s common stock.

What is the exercise price of the stock option?

The exercise price of the stock option is $0.42 per share.

How long is the term of the stock option?

The stock option has a 10-year term.

How does the stock option vest?

The stock option vests as to 25% of the award on the first anniversary of the date of the commencement of their employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter.