Solid Biosciences Reports Inducement Grant to Chief Financial Officer and Treasurer

Rhea-AI Summary

On January 6, 2023, Solid Biosciences Inc. (Nasdaq: SLDB) approved inducement awards for new CFO Kevin Tan. The grant includes an option to purchase 90,000 shares and a restricted stock unit for 45,000 shares, aligning with Nasdaq rules. The options have a ten-year term with an exercise price set at $6.00, the closing stock price on January 9, 2023. The vesting schedule is structured to promote retention, with 25% vested after one year and monthly vesting thereafter for the option, while the restricted stock units will vest over four years.

Positive

• Inducement awards reflect confidence in new leadership.
• Structured vesting schedule promotes retention of CFO.

Negative

• Inducement grant may lead to shareholder dilution due to stock options.

CHARLESTOWN, Mass., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company developing genetic medicines for neuromuscular and cardiac diseases, today announced the grant of inducement awards to its newly appointed Chief Financial Officer and Treasurer, Kevin Tan. The grant was approved by a majority of the independent directors of the Company on January 6, 2023, as an inducement material to Mr. Tan’s entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant to Mr. Tan consisted of an option to purchase up to 90,000 shares of common stock and a restricted stock unit award with respect to 45,000 shares of common stock. The option has a ten-year term and an exercise price of $6.00 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on January 9, 2023. The option award vests over four years, with 25% of the original number of shares underlying the option vesting on the one-year anniversary of the date of grant and 1/48^th of the original number of shares vesting monthly thereafter, and the restricted stock unit award vests in four equal installments on each one-year anniversary of Mr. Tan’s employment start date until the fourth anniversary of Mr. Tan’s start date, subject to Mr. Tan’s continued service with the Company through the applicable vesting dates.

About Solid Biosciences
Solid Biosciences is a life science company focused on advancing a portfolio of neuromuscular and cardiac programs, including SGT-003, a differentiated gene transfer candidate, for the treatment of Duchenne, AVB-202, a gene transfer candidate for the treatment of Friedreich’s Ataxia, AVB-401 for BAG3 mediated dilated cardiomyopathy, and additional assets for the treatment of undisclosed cardiac diseases. Solid aims to be the center of excellence, bringing together those with expertise in science, technology, disease management and care. Patient-focused and founded by those directly impacted by Duchenne, Solid’s mandate is to improve the daily lives of patients living with these devastating diseases. For more information, please visit www.solidbio.com.

Investor Contact:
David Carey
FINN Partners
212-867-1768
David.Carey@finnpartners.com

Media Contact:
Erich Sandoval
FINN Partners
917-497-2867
Erich.Sandoval@finnpartners.com

FAQ

What is the stock symbol for Solid Biosciences?

The stock symbol for Solid Biosciences is SLDB.

When were the inducement awards for Kevin Tan announced?

The inducement awards for Kevin Tan were announced on January 9, 2023.

What does the inducement grant for Kevin Tan include?

The inducement grant for Kevin Tan includes an option to purchase 90,000 shares and a restricted stock unit award for 45,000 shares.

What is the exercise price for the stock options granted to Kevin Tan?

The exercise price for the stock options granted to Kevin Tan is $6.00 per share.

How long is the term for the stock options granted to Kevin Tan?

The stock options granted to Kevin Tan have a ten-year term.