Passage Bio Announces Inducement Award Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Passage Bio (Nasdaq: PASG) announced the granting of an inducement stock option to a new employee, comprising 130,000 shares at an exercise price of $8.50, equal to the stock's closing price on November 15, 2021. The option will vest over four years with the first 25% vesting after one year, followed by monthly installments. This move aligns with Nasdaq Listing Rule 5635(c)(4) and reflects the company's strategy to attract talent while advancing its mission in developing genetic therapies for CNS disorders.

Positive

• Inducement award aims to attract new talent, which can enhance company capabilities.
• Stock option aligns with Nasdaq regulations, indicating compliance and governance integrity.

Negative

• None.

PHILADELPHIA, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, today announced it has granted an inducement award to a new employee.

Passage Bio granted an option to purchase 130,000 shares of common stock to this employee as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option has an exercise price of $8.50 per share, which is equal to the closing price of Passage Bio’s common stock on November 15, 2021, the grant date of the option.

The shares subject to the stock option will vest over four years, with 25 percent of the shares vesting on the one-year anniversary of the applicable grant date, and the remainder vesting in 36 equal monthly installments thereafter, subject to the employee’s continued employment. The stock option has a 10-year term and is subject to the terms and conditions of the stock option agreement.

About Passage Bio

At Passage Bio (Nasdaq: PASG), we are on a mission to provide life-transforming genetic medicines for patients with CNS diseases that replace their suffering with boundless possibility, all while building lasting relationships with the communities we serve. Based in Philadelphia, PA, our company has established a strategic collaboration and licensing agreement with the renowned University of Pennsylvania’s Gene Therapy Program to conduct our discovery and IND-enabling preclinical work. This provides our team with enhanced access to a broad portfolio of gene therapy candidates and future gene therapy innovations that we then pair with our deep clinical, regulatory, manufacturing and commercial expertise to rapidly advance our robust pipeline of optimized gene therapies into clinical testing. As we work with speed and tenacity, we are always mindful of patients who may be able to benefit from our therapies. More information is available at www.passagebio.com.

For further information, please contact:

Passage Bio Investors:

Stuart Henderson
Passage Bio
267-866-0114
shenderson@passagebio.com

Passage Bio Media:

Gwen Fisher
Passage Bio
215-407-1548
gfisher@passagebio.com

FAQ

What stock option did Passage Bio grant on November 19, 2021?

Passage Bio granted an option to purchase 130,000 shares at an exercise price of $8.50.

How long will the stock options granted by Passage Bio take to vest?

The stock options will vest over four years, with 25% vesting after the first year.

What is the significance of the stock option grant by Passage Bio?

The grant serves as an inducement to attract new talent in accordance with Nasdaq Listing Rule 5635(c)(4).

What does the stock option grant mean for Passage Bio investors?

It reflects the company's commitment to building a strong workforce, potentially enhancing future growth.