Intellia Therapeutics Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Intellia Therapeutics (NASDAQ:NTLA), a leading clinical-stage gene editing company, has announced inducement grants for five new employees under its 2024 Inducement Plan. The grants include:

• Non-qualified stock options for 49,751 shares
• Time-based RSUs for 44,154 shares
• Performance-based RSUs for 17,064 shares linked to total stockholder return
• Performance-based RSUs for 12,500 shares tied to development milestones

These equity awards, granted outside of Intellia's stockholder-approved plans, were approved by the compensation committee as a material inducement for employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Attracting new talent with competitive equity compensation packages
• Aligning employee interests with company performance through performance-based RSUs

Negative

• Potential dilution of existing shareholders due to new stock options and RSUs

CAMBRIDGE, Mass., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today announced that it awarded inducement grants to five new employees under Intellia’s 2024 Inducement Plan as a material inducement to employment.

The inducement grants consisted of non-qualified stock options to purchase 49,751 shares of Intellia’s common stock, with 33% of such options vesting on September 1, 2025, and the remainder vesting monthly thereafter until fully vested on September 1, 2027; time-based restricted stock units (“RSUs”) for 44,154 shares of Intellia’s common stock, with one-third of such RSUs vesting on September 1, 2025, 2026, and 2027; performance-based RSUs for 17,064 shares (at target) of Intellia’s common stock, with vesting criteria linked directly to Intellia’s total stockholder return over a three-year period compared to the companies comprising the Nasdaq Biotechnology Index at the beginning of the performance period; and performance-based RSUs for 12,500 shares (at target) of Intellia’s common stock, with vesting criteria linked directly to certain development milestones over a three-year period.

All equity vesting is subject to each employee’s continued service as an employee of, or other service provider to, Intellia through the applicable vesting dates.

All of the above-described awards were granted outside of Intellia’s stockholder-approved equity incentive plans pursuant to Intellia’s 2024 Inducement Plan, which was adopted by the board of directors in June 2024. The awards were approved by Intellia’s compensation committee as a material inducement to entering into employment with Intellia in accordance with Nasdaq Listing Rule 5635(c)(4).

About Intellia Therapeutics

Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. The company’s in vivo programs use CRISPR to enable precise editing of disease-causing genes directly inside the human body. Intellia’s ex vivo programs use CRISPR to engineer human cells outside the body for the treatment of cancer and autoimmune diseases. Intellia’s deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at intelliatx.com and follow us @intelliatx.

Intellia Contacts:

Investors:
Ian Karp
Senior Vice President, Investor Relations and Corporate Communications
ian.karp@intelliatx.com

Lina Li
Senior Director, Investor Relations and Corporate Communications
lina.li@intelliatx.com

FAQ

What types of inducement grants did Intellia Therapeutics (NTLA) award to new employees?

Intellia Therapeutics awarded non-qualified stock options, time-based RSUs, and two types of performance-based RSUs to five new employees as inducement grants.

How many shares are involved in Intellia Therapeutics' (NTLA) recent inducement grants?

The inducement grants involve 49,751 shares for stock options, 44,154 shares for time-based RSUs, and 29,564 shares (at target) for performance-based RSUs.

What is the vesting schedule for the stock options granted by Intellia Therapeutics (NTLA)?

33% of the stock options vest on September 1, 2025, with the remainder vesting monthly until fully vested on September 1, 2027.

How are the performance-based RSUs structured in Intellia Therapeutics' (NTLA) inducement grants?

One set of performance-based RSUs is linked to Intellia's total stockholder return over three years compared to the Nasdaq Biotechnology Index, while another set is tied to specific development milestones over three years.