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Precision BioSciences Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Precision BioSciences (Nasdaq: DTIL) announced on February 9, 2023, that its Compensation Committee approved grants of inducement awards to eight new employees under the 2021 Employment Inducement Incentive Award Plan. The awards consist of stock options for a total of 159,097 shares with an exercise price of $1.13 per share. Each option has a 10-year term and vests 25% after one year, with the remaining 75% vesting quarterly over three years. This plan aims to attract and retain talent in the competitive biotechnology sector as Precision advances its ARCUS® genome editing platform and related therapies.
Positive
Grant of inducement awards to eight new employees enhances talent acquisition.
Stock options could motivate employees through performance alignment.
Negative
None.
DURHAM, N.C.--(BUSINESS WIRE)--
Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company developing ARCUS®-based ex vivo allogeneic CAR T and in vivo gene editing therapies, today announced that, on February 9, 2023, the Compensation Committee of Precision’s Board of Directors approved the grant of inducement awards to new employees under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The inducement awards consist of options to purchase (“stock options”) an aggregate of 159,097 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), which stock options were granted among eight employees who commenced employment between October 31, 2022 and January 23, 2023. Each of the stock options were granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employees to commence service with Precision.
The stock options have a per share exercise price equal to the fair market value of Precision’s Common Stock on the grant date, which was equal to $1.13. Each of the stock options 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 a clinical stage biotechnology company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform. ARCUS is a highly precise and versatile genome editing platform that was designed with therapeutic safety, delivery, and control in mind. Using ARCUS, the Company’s pipeline consists of multiple ex vivo “off-the-shelf” CAR T immunotherapy clinical candidates and several in vivo gene editing candidates designed to cure genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.
