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

Rhea-AI Summary

On April 5, 2023, Seres Therapeutics (Nasdaq: MCRB) announced the granting of inducement equity awards totaling 22,000 shares to three new employees. This includes options for 11,000 shares and restricted stock units (RSUs) for another 11,000 shares. The stock options have an exercise price of $5.61 per share and will vest over a specified schedule, rewarding employees for their service. This grant is part of the 2022 Employment Inducement Award Plan, which allows the company to incentivize new employees under Nasdaq rules. This announcement is part of Seres' strategy to attract and retain talent in the competitive biotech sector, enhancing its operational capacity to develop microbiome therapeutics.

Positive

• Equity grants of 22,000 shares may enhance employee retention and attract talent.
• Stock options priced at $5.61 align employee interests with shareholder value.

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• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres” or the “Company”), a leading microbiome therapeutics company, today announced that on April 5, 2023, the Compensation and Talent Committee of Seres’ board of directors granted inducement equity grants covering an aggregate of 22,000 shares of its common stock to three new employees, consisting of stock options to purchase an aggregate of 11,000 shares of common stock and restricted stock units (“RSUs”), covering an aggregate of 11,000 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 $5.61 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 15th 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 leading microbiome therapeutics company developing a novel class of multifunctional bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. For more information, please visit www.serestherapeutics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230407005022/en/

IR and PR Contact

Carlo Tanzi, Ph.D.

ctanzi@serestherapeutics.com

Source: Seres Therapeutics, Inc.

FAQ

What stock options did Seres Therapeutics grant on April 5, 2023?

Seres Therapeutics granted stock options covering an aggregate of 11,000 shares with an exercise price of $5.61.

How many shares were awarded as restricted stock units by Seres Therapeutics?

Seres Therapeutics awarded 11,000 shares as restricted stock units (RSUs) to new employees.

What is the purpose of the Employment Inducement Award Plan at Seres?

The Employment Inducement Award Plan is used to grant equity awards to new employees as an incentive for joining the company.

When was the Inducement Plan adopted by Seres Therapeutics?

The Inducement Plan was adopted by Seres Therapeutics' board of directors in December 2022.

What is the vesting schedule for the stock options granted by Seres?

The stock options vest 25% on the first anniversary of hire and an additional 6.25% every three months thereafter.