Avidity Biosciences Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avidity Biosciences (Nasdaq: RNA) has announced inducement grants for its new Chief Legal Officer and Corporate Secretary, John B. Moriarty, Jr. The grants, approved on August 1, 2024, include:

• A non-qualified stock option to purchase 160,000 shares of common stock
• 25,000 restricted stock units (RSUs)

These awards were granted under the company's 2022 Employment Inducement Incentive Award Plan, in compliance with Nasdaq Listing Rule 5635(c)(4). The stock option has an exercise price of $44.57 per share, equal to the closing price of Avidity's stock on August 1, 2024. The stock option will vest over four years, while the RSUs will vest in four equal annual installments, both subject to Mr. Moriarty's continued employment.

Positive

• Appointment of John B. Moriarty, Jr. as Chief Legal Officer and Corporate Secretary
• Granting of substantial equity incentives to attract top talent

Negative

• None.

SAN DIEGO, Aug. 5, 2024 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced that on August 1, 2024, the Human Capital Management Committee of Avidity's Board of Directors granted a non-qualified stock option award to purchase an aggregate of 160,000 shares of its common stock and 25,000 restricted stock units ("RSUs") to John B. Moriarty, Jr., under the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan (the "2022 Inducement Plan"), in connection with Mr. Moriarty's hiring and appointment as Avidity's Chief Legal Officer and Corporate Secretary. The awards were granted as inducements material to Mr. Moriarty entering into employment with Avidity in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2022 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Avidity, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4).

The option has an exercise price of $44.57 per share, which is equal to the closing price of Avidity's common stock on The Nasdaq Global Market on August 1, 2024. The shares subject to the stock option will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to Mr. Moriarty's continued employment with Avidity on such vesting dates. The RSUs will vest in four equal installments on the first four anniversaries of the applicable vesting commencement date, subject to Mr. Moriarty's continued employment with Avidity on such vesting dates. The awards are subject to the terms and conditions of the 2022 Inducement Plan and the terms and conditions of a stock option agreement or RSU agreement, as applicable, covering the grant.

About Avidity
Avidity Biosciences, Inc.'s mission is to profoundly improve people's lives by delivering a new class of RNA therapeutics - Antibody Oligonucleotide Conjugates (AOCs™). Avidity is revolutionizing the field of RNA with its proprietary AOCs, which are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Utilizing its proprietary AOC platform, Avidity demonstrated the first-ever successful targeted delivery of RNA into muscle and is leading the field with clinical development programs for three rare muscle diseases: myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD). Avidity is broadening the reach of AOCs with its advancing and expanding pipeline including programs in cardiology and immunology through internal discovery efforts and key partnerships. Avidity is headquartered in San Diego, CA. For more information about our AOC platform, clinical development pipeline and people, please visit www.aviditybiosciences.com and engage with us on LinkedIn and X.

Investor Contact:
Michael MacLean
(619) 837-5014
investors@aviditybio.com

Media Contact:
Navjot Rai
(619) 837-5016
media@aviditybio.com

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SOURCE Avidity Biosciences, Inc.

FAQ

What inducement grants did Avidity Biosciences (RNA) announce on August 5, 2024?

Avidity Biosciences announced inducement grants for John B. Moriarty, Jr., including a non-qualified stock option to purchase 160,000 shares of common stock and 25,000 restricted stock units (RSUs).

What is the exercise price of the stock option granted by Avidity Biosciences (RNA) on August 1, 2024?

The stock option granted has an exercise price of $44.57 per share, which was equal to the closing price of Avidity's common stock on The Nasdaq Global Market on August 1, 2024.

How will the stock options and RSUs granted by Avidity Biosciences (RNA) vest?

The stock options will vest over four years, with 25% vesting after one year and the rest monthly over 36 months. The RSUs will vest in four equal installments on the first four anniversaries of the vesting commencement date.

What position did John B. Moriarty, Jr. take at Avidity Biosciences (RNA)?

John B. Moriarty, Jr. was appointed as Avidity Biosciences' Chief Legal Officer and Corporate Secretary.