Seres Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Seres Therapeutics grants inducement equity grants to new employees.

Positive

• Seres Therapeutics granted inducement equity grants covering 3,000 shares of common stock to two new employees.
• The grants consist of stock options to purchase 1,500 shares of common stock and restricted stock units (RSUs) covering 1,500 shares of common stock.
• The stock options have an exercise price of $2.00 per share.
• The options and RSUs will vest over time based on the employees' service to the company.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres” or the “Company”), a leading microbiome therapeutics company, today announced that on October 4, 2023, the Compensation and Talent Committee of Seres’ board of directors granted inducement equity grants covering an aggregate of 3,000 shares of its common stock to two new employees, consisting of stock options to purchase an aggregate of 1,500 shares of common stock and restricted stock units (“RSUs”), covering an aggregate of 1,500 shares of its common stock.

These stock options and inducement RSUs are subject to the terms of the Seres Therapeutics, Inc. 2022 Employment Inducement Award Plan (the “Inducement Plan”).

The Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to their entering into employment with Seres pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted by Seres’ board of directors in December 2022.

The stock options have an exercise price of $2.00 per share. Each option will vest as to 25% of the total number of shares subject to the option on the first anniversary of the applicable individual’s date of hire and as to 6.25% of the total number of shares subject to the option upon a completion of each three full months of service to the Company thereafter. The RSUs vest as to 25% of an award on the first 15^th day of a calendar month that immediately follows the first anniversary of the applicable individual’s date of hire and as to an additional 6.25% of the award, upon completion of each three full months of service to the Company thereafter.

About Seres Therapeutics

Seres Therapeutics, Inc. (Nasdaq: MCRB) is a commercial-stage company developing novel microbiome therapeutics for serious diseases. For more information, please visit www.serestherapeutics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231006105161/en/

IR and PR

Kevin Mannix

kmannix@serestherapeutics.com

Source: Seres Therapeutics, Inc.

FAQ

What is the purpose of the inducement equity grants?

The grants are used to incentivize new employees to join Seres Therapeutics.

How many shares of common stock are covered by the grants?

The grants cover an aggregate of 3,000 shares of common stock.

What is the exercise price of the stock options?

The exercise price of the stock options is $2.00 per share.

How do the options and RSUs vest?

The options vest as to 25% on the first anniversary of the employee's date of hire and 6.25% every three months thereafter. The RSUs vest as to 25% on the first anniversary of the employee's date of hire and an additional 6.25% every three months thereafter.