Editas Medicine Reports Inducement Grants to New Chief Executive Officer

Rhea-AI Summary

Editas Medicine (Nasdaq: EDIT) announced the grant of stock options to its new President and CEO, Dr. Gilmore O’Neill, as part of his inducement to join the company. Effective June 1, 2022, Dr. O’Neill received an option to purchase 950,209 shares at $11.54 per share, the closing price on the grant date. The options vest over four years, with the first 25% vesting after one year. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to strengthen leadership as Editas continues to advance its genome editing technologies.

Positive

• Appointment of Gilmore O’Neill as President and CEO, potentially enhancing company leadership.
• Stock option grant could motivate Dr. O’Neill to drive company success with vested interests.

Negative

• None.

CAMBRIDGE, Mass., June 06, 2022 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (Nasdaq: EDIT), a leading genome editing company, today announced the grant of inducement awards to the Company’s newly appointed President and Chief Executive Officer, Gilmore O’Neill, M.B., M.M.Sc. As previously announced, Dr. O’Neill joined the Company on June 1, 2022, in his new role. In connection with Dr. Gilmore’s appointment, the Editas Medicine Board of Directors approved a stock option grant to Dr. O’Neill as an inducement material to Dr. O’Neill entering into employment with Editas Medicine in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option provides for the purchase of up to 950,209 shares of Editas Medicine common stock at a price of $11.54 per share, the closing price per share of Editas Medicine common stock as reported by Nasdaq on the date of grant, and vests over four years, with 25 percent of the shares vesting on the first anniversary of Dr. O’Neill’s employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to Dr. O’Neill’s continued service relationship with Editas Medicine through the applicable vesting dates. 

About Editas Medicine
As a leading genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas9 and CRISPR/Cas12a (also known as Cpf1) genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. Editas Medicine is the exclusive licensee of Harvard and Broad Institute’s Cas9 patent estates and Broad Institute’s Cas12a patent estate for human medicines. For the latest information and scientific presentations, please visit www.editasmedicine.com.

FAQ

What is the stock option grant for Gilmore O’Neill at Editas Medicine?

Dr. Gilmore O’Neill has been granted stock options to purchase up to 950,209 shares at $11.54 per share.

When did Gilmore O’Neill join Editas Medicine?

Gilmore O’Neill joined Editas Medicine on June 1, 2022.

How long is the vesting period for the stock options granted to Dr. O’Neill?

The stock options vest over four years, with 25% vesting after the first year.

What does the stock option grant indicate about Editas Medicine's future?

The stock option grant suggests a commitment to align executive incentives with company performance.

What is the relevance of Nasdaq Listing Rule 5635(c)(4) in this context?

The grant of stock options to Dr. O’Neill complies with Nasdaq Listing Rule 5635(c)(4), which allows inducement awards.