Dyne Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4) to Newly Appointed President and Chief Executive Officer

Rhea-AI Summary

Dyne Therapeutics, Inc. granted an inducement equity award to its new President and CEO, John G. Cox. The award consists of a non-statutory stock option to purchase up to 679,853 shares of the company's common stock at $26.06 per share. The option has a ten-year term and will vest over four years, subject to Mr. Cox's continued service.

WALTHAM, Mass., March 27, 2024 (GLOBE NEWSWIRE) -- Dyne Therapeutics, Inc. (Nasdaq: DYN), a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases, today announced that it has granted an inducement equity award to its newly appointed President and Chief Executive Officer, John G. Cox. The award was approved by the Compensation Committee of Dyne and was made as an inducement material to Mr. Cox’s acceptance of employment with Dyne under Dyne’s 2024 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement equity award was granted to Mr. Cox effective as of March 25, 2024 and consisted of a non-statutory stock option to purchase up to 679,853 shares of the Dyne’s common stock at a per share exercise price equal to $26.06, the closing price of Dyne’s common stock on The Nasdaq Global Select Market on March 25, 2024. The stock option has a ten-year term and is scheduled to vest over four years, with 25% of the original number of shares vesting on the one-year anniversary of Mr. Cox’s employment commencement date and the remainder vesting in equal monthly installments over the three years thereafter, subject to Mr. Cox’s continued service to Dyne through the applicable vesting dates.

The inducement equity award is subject to the terms and conditions of the award agreement covering the grants and Dyne’s 2024 Inducement Stock Incentive Plan.

About Dyne Therapeutics

Dyne Therapeutics is a clinical-stage muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. With its proprietary FORCE™ platform, Dyne is developing modern oligonucleotide therapeutics that are designed to overcome limitations in delivery to muscle tissue. Dyne has a broad pipeline for serious muscle diseases, including clinical programs for myotonic dystrophy type 1 (DM1) and Duchenne muscular dystrophy (DMD) and a preclinical program for facioscapulohumeral muscular dystrophy (FSHD). For more information, please visit https://www.dyne-tx.com/, and follow us on X, LinkedIn and Facebook.

Contact:

Dyne Therapeutics
Amy Reilly
areilly@dyne-tx.com
857-341-1203

FAQ

What type of award did Dyne Therapeutics grant to its new President and CEO, John G. Cox?

Dyne Therapeutics granted an inducement equity award to John G. Cox.

How many shares can John G. Cox purchase through the award?

John G. Cox can purchase up to 679,853 shares of Dyne Therapeutics' common stock.

At what price per share can John G. Cox purchase the shares?

John G. Cox can purchase the shares at a price of $26.06 per share.

How long is the term of the stock option granted to John G. Cox?

The stock option has a ten-year term.

How will the stock option vest?

The stock option will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting in equal monthly installments over the next three years, subject to Mr. Cox's continued service.