Poseida Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Poseida Therapeutics (PSTX) announced an inducement award to Brent Warner, its new President of Gene Therapy, as part of its 2022 Inducement Plan. The award includes a stock option for 431,034 shares, with a vesting schedule over four years, and a restricted stock unit covering 307,881 shares with similar vesting terms. The exercise price of the stock option will equal the market value on the grant date. This move is in accordance with Nasdaq Listing Rule 5635(c)(4) and aims to attract and retain key talent within the company.

Positive

• The inducement award is designed to attract and retain key executive talent.
• Stock options and restricted stock units align the interests of the executive with shareholders.

Negative

• None.

SAN DIEGO, March 1, 2022 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary genetic engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced that the Compensation Committee of its Board of Directors granted an inducement award to Brent Warner, the Company's new President, Gene Therapy.  This grant is made pursuant to the Company's 2022 Inducement Plan as an inducement material to Mr. Warner entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement award is comprised of (i) a stock option to purchase 431,034 shares of the Company's common stock with a per share exercise price equal to the fair market value of the Company's common stock on the grant date and will be subject to vesting over four years, with 12.5% of the shares vesting on the six-month anniversary of  the grant date, and the remainder vesting monthly over the following forty-two (42) months, subject to his continued employment and the terms and conditions of the stock option agreement; and (ii) a restricted stock unit award covering 307,881 shares of the Company's common stock and will be subject to vesting over four years, with 25% of the shares vesting on the one year anniversary of  the grant date, and the remainder vesting in a series of three equal successive annual installments on the second, third, and fourth anniversaries of the grant date, subject to his continued employment and the terms and conditions of the restricted stock unit award agreement.

About Poseida Therapeutics, Inc.
Poseida Therapeutics is a clinical-stage biopharmaceutical company dedicated to utilizing our proprietary genetic engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure. We have discovered and are developing a broad portfolio of product candidates in a variety of indications based on our core proprietary platforms, including our non-viral piggyBac^® DNA Delivery System, Cas-CLOVER™ Site-specific Gene Editing System and nanoparticle- and AAV-based gene delivery technologies. Our core platform technologies have utility, either alone or in combination, across many cell and gene therapeutic modalities and enable us to engineer our portfolio of product candidates that are designed to overcome the primary limitations of current generation cell and gene therapeutics. To learn more, visit www.poseida.com and connect with us on Twitter and LinkedIn.

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SOURCE Poseida Therapeutics, Inc.

FAQ

What is the recent inducement grant by Poseida Therapeutics (PSTX)?

Poseida Therapeutics granted an inducement award to Brent Warner, including stock options for 431,034 shares and restricted stock units for 307,881 shares.

When was the inducement award announced for Poseida Therapeutics?

The inducement award was announced on March 1, 2022.

What does the inducement award include for Brent Warner at PSTX?

The award includes a stock option and restricted stock units, both with a four-year vesting period.

How is the exercise price determined for the stock options granted to Brent Warner?

The exercise price for the stock options is equal to the fair market value of the company's common stock on the grant date.