Editas Medicine Reports Inducement Grants to New Chief Scientific Officer and Chief Regulatory Officer

Rhea-AI Summary

Editas Medicine, Inc. (Nasdaq: EDIT) announced inducement awards for newly appointed Executive Vice President and Chief Scientific Officer Mark Shearman, Ph.D., and Senior Vice President and Chief Regulatory Officer Chi Li, Ph.D. Each received stock options to purchase shares at $38.53, with vesting over four years. Additionally, they were awarded restricted stock units, also vesting over four years. These grants are in accordance with Nasdaq Listing Rule 5635(c)(4) and are aimed at retaining top executive talent to advance the company's mission in genome editing.

Positive

• Inducement awards for new key executives could strengthen leadership.
• Stock options and restricted stock units align executives' interests with shareholders' long-term value.

Negative

• None.

CAMBRIDGE, Mass., June 15, 2021 (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 Scientific Officer, Mark Shearman, Ph.D., and Senior Vice President and Chief Regulatory Officer, Chi Li, Ph.D. In connection with the appointments, the Editas Medicine Board of Directors approved a stock option grant and a restricted stock unit award to each of Drs. Shearman and Li as inducements material to their entering into employment with Editas Medicine in accordance with Nasdaq Listing Rule 5635(c)(4).  Drs. Shearman’s and Li’s stock options provide for the purchase of up to 52,718 shares and 44,202 shares, respectively, of Editas Medicine common stock at a price of $38.53 per share, the closing price per share of Editas Medicine common stock as reported by Nasdaq on the date of grant, and vest over four years, with 25 percent of the shares vesting on the first anniversary of each individual’s employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to their continued service relationship with Editas Medicine through the applicable vesting dates. Drs. Shearman’s and Li’s restricted stock unit awards are for 32,701 shares and 14,144 shares, respectively, of Editas Medicine common stock and vest as to 25 percent of the shares on each one-year anniversary of their employment start date until the fourth anniversary of their employment start date, subject to their 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 are the details of the stock options granted to Editas Medicine executives?

Mark Shearman and Chi Li received stock options to purchase 52,718 and 44,202 shares, respectively, at $38.53 per share.

How will the restricted stock units for Editas Medicine executives vest?

The restricted stock units will vest 25% on each one-year anniversary of their employment start date over four years.

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

The inducement awards aim to attract and retain key executive talent as per Nasdaq Listing Rule 5635(c)(4).

What is the significance of the stock price of $38.53 for Editas Medicine?

The stock options were granted at the closing price of $38.53, which sets the exercise price for the newly appointed executives.