Freeline Reports December 2022 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Freeline Therapeutics (Nasdaq: FRLN) announced the grant of non-statutory options to four new employees totaling 48,900 ordinary shares on December 30, 2022. The options, with an exercise price of $0.47 per share, were provided as a material inducement for employment and follow Nasdaq Listing Rule 5635(c)(4). Approved by an independent subcommittee, these options will vest over four years, with 25% vesting after the first year. Freeline is focused on innovative gene therapies aimed at treating chronic diseases such as Fabry and Gaucher diseases.

Positive

• Grant of 48,900 options to new hires indicates growth and recruitment efforts.
• The exercise price of $0.47 aligns with the market conditions, showing strategic compensation planning.

Negative

• None.

LONDON, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that on December 30, 2022, the Company granted four newly hired employees non-statutory options to purchase an aggregate of 48,900 of the Company’s ordinary shares.

The awards were granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by an independent subcommittee of the remuneration committee of Freeline’s board of directors. The awards were granted pursuant to the terms of Freeline’s 2021 Equity Inducement Plan, which was adopted by Freeline’s board of directors in September 2021.

Each of the options has an exercise price of $0.47 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on December 29, 2022, the last trading day preceding the grant date. The options have a maximum 10-year term and vest over a four-year service period, with 25% of the award vesting on the first anniversary of the vesting commencement date, with the balance vesting monthly over the remaining three years.

About Freeline Therapeutics
Freeline is a clinical-stage biotechnology company developing transformative adeno-associated virus (AAV) vector-mediated gene therapies. The company is dedicated to improving patient lives through innovative, one-time treatments for chronic debilitating diseases. Freeline uses its proprietary, rationally designed AAV vector and capsid (AAVS3), along with novel promoters and transgenes, to deliver a functional copy of a therapeutic gene into human liver cells, thereby expressing a persistent functional level of the missing or dysfunctional protein into the patient’s bloodstream. The company is advancing clinical programs in Fabry disease and Gaucher disease Type 1. Freeline is headquartered in the UK and has operations in Germany and the U.S.

Media and Investor Contact:

Naomi Aoki
naomi.aoki@freeline.life
Senior Vice President, Head of Investor Relations & Communications
+ 1 617 283 4298

FAQ

What was the grant date for the stock options by Freeline Therapeutics?

The stock options were granted on December 30, 2022.

How many shares were granted in the stock options by Freeline Therapeutics?

Freeline Therapeutics granted a total of 48,900 shares.

What is the exercise price for the stock options granted by Freeline Therapeutics?

The exercise price for the options is $0.47 per share.

What is the vesting period for the stock options granted by Freeline Therapeutics?

The options vest over a four-year service period.

Which rule did Freeline Therapeutics follow for the stock options grant?

Freeline followed Nasdaq Listing Rule 5635(c)(4) for the stock options grant.