enGene Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

enGene Holdings Inc. (Nasdaq: ENGN) has granted an inducement equity award to Joan Connolly, the company's new Chief Technology Officer. The award, granted on October 21, 2024, consists of a non-qualified stock option to purchase 210,000 common shares at an exercise price of $9.83 per share, equal to the closing price on the grant date.

The stock option has a 10-year term and will vest over four years, with 25% vesting after one year and the remainder vesting monthly over the following three years. This grant was made outside of enGene's 2023 Incentive Equity Plan but will have consistent terms and conditions. The award was approved by the independent Compensation Committee in accordance with NASDAQ Listing Rule 5635(c)(4).

Positive

• Appointment of new Chief Technology Officer, Joan Connolly
• Granted stock option aligns new executive's interests with shareholders

Negative

• None.

BOSTON & MONTREAL--(BUSINESS WIRE)-- enGene Holdings Inc. (Nasdaq: ENGN, “enGene” or the “Company”), a clinical-stage genetic medicines company whose non-viral lead investigational product detalimogene voraplasmid, (also known as detalimogene, and previously EG-70), is in an ongoing pivotal study in patients with high-risk, Bacillus Calmette-Guérin (BCG)-unresponsive, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (Cis), today reported the grant of an inducement equity award to Joan Connolly, the Company’s newly-appointed Chief Technology Officer, with a grant date of October 21, 2024.

The inducement award consists of a non-qualified stock option to purchase an aggregate 210,000 of the Company's common shares. The option has an exercise price of $9.83 per share, which is equal to the closing price of the Company's common shares on October 21, 2024, the date of grant. The stock option has a 10-year term and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and the remainder vesting in equal amounts monthly for three years thereafter, subject to Ms. Connolly’s continued service as an employee of, or other service provider to, the Company through the applicable vesting dates.

The stock option was granted by the Company's independent Compensation Committee of the Board of Directors as an inducement material to Ms. Connolly entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). While the stock option was granted outside of the Company’s Amended and Restated enGene Holdings Inc. 2023 Incentive Equity Plan, the option will have terms and conditions consistent with those set forth under the Plan.

About enGene

enGene is a clinical-stage biotechnology company mainstreaming genetic medicines through the delivery of therapeutics to mucosal tissues and other organs, with the goal of creating new ways to address diseases with high clinical needs. enGene’s lead program is detalimogene voraplasmid, (also known as detalimogene, and previously EG-70) for patients with Non-Muscle Invasive Bladder Cancer (NMIBC) – a disease with a high clinical burden. Detalimogene is being evaluated in the ongoing multi-cohort LEGEND Phase 2 study, which includes a pivotal cohort studying detalimogene in Bacillus Calmette-Guérin (BCG)-unresponsive patients with carcinoma in situ (Cis). Detalimogene was developed using enGene’s proprietary Dually Derivatized Oligochitosan (DDX) platform, which enables penetration of mucosal tissues and delivery of a wide range of sizes and types of cargo, including DNA and various forms of RNA. For more information, visit enGene.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241022317541/en/

For media: media@engene.com

For investor: investors@engene.com

Source: enGene Holdings Inc.

FAQ

What inducement grant did enGene (ENGN) report under NASDAQ Listing Rule 5635(c)(4)?

enGene (ENGN) reported granting a non-qualified stock option to purchase 210,000 common shares to Joan Connolly, the new Chief Technology Officer, with an exercise price of $9.83 per share and a 10-year term, vesting over four years.

When was the inducement grant awarded by enGene (ENGN) to its new CTO?

The inducement grant was awarded to enGene's (ENGN) new Chief Technology Officer, Joan Connolly, on October 21, 2024.

What is the vesting schedule for the stock option granted by enGene (ENGN)?

The stock option granted by enGene (ENGN) will vest over four years, with 25% vesting on the one-year anniversary of the grant date and the remainder vesting in equal monthly amounts over the following three years.

How does the exercise price of the stock option compare to enGene's (ENGN) stock price?

The exercise price of the stock option granted by enGene (ENGN) is $9.83 per share, which is equal to the closing price of the company's common shares on October 21, 2024, the date of grant.