Editas Medicine Reports Inducement Grants to New Chief Medical Officer

Rhea-AI Summary

Editas Medicine (Nasdaq: EDIT) has granted inducement awards to Lisa Michaels, M.D., the newly appointed Executive Vice President and Chief Medical Officer. The Board approved a stock option grant for up to 120,000 shares at $30.41 per share, which vests over four years. Additionally, Dr. Michaels received a restricted stock unit award for 20,000 shares, vesting at 25% annually over four years. These awards comply with Nasdaq Listing Rule 5635(c)(4) and are contingent on her continued employment with Editas Medicine.

Positive

• Appointment of Lisa Michaels, M.D. as Chief Medical Officer may enhance leadership and strategic direction.
• Inducement awards may improve talent retention and incentives for executives.

Negative

• None.

CAMBRIDGE, Mass., Nov. 10, 2020 (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 Executive Vice President and Chief Medical Officer, Lisa Michaels, M.D. In connection with Dr. Michaels’ appointment, the Editas Medicine Board of Directors approved a stock option grant and a restricted stock unit award to Dr. Michaels as inducements material to Dr. Michaels 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 120,000 shares of Editas Medicine common stock at a price of $30.41 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. Michaels’ employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to Dr. Michaels’ continued service relationship with Editas Medicine through the applicable vesting dates. The restricted stock unit award is for 20,000 shares of Editas Medicine common stock and vests as to 25 percent of the shares on each one-year anniversary of Dr. Michaels’ employment start date until the fourth anniversary of Dr. Michaels’ employment start date, subject to Dr. Michaels’ continued service to 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. For the latest information and scientific presentations, please visit www.editasmedicine.com.

FAQ

What inducement awards were granted to Lisa Michaels by Editas Medicine?

Editas Medicine granted Lisa Michaels stock options for 120,000 shares at $30.41 per share and restricted stock units for 20,000 shares.

How long is the vesting period for the stock options granted to Lisa Michaels?

The stock options vest over four years, with 25% vesting on the first anniversary of her employment.

What is the significance of the inducement awards according to Nasdaq rules?

The inducement awards comply with Nasdaq Listing Rule 5635(c)(4), which allows companies to grant stock options to attract executives.

What is the purpose of Editas Medicine's inducement awards to new executives?

The inducement awards are intended to motivate and retain talent essential for the company's leadership and growth.

What is the stock symbol for Editas Medicine?

The stock symbol for Editas Medicine is EDIT.