Solid Biosciences Reports Inducement Grant to New Chief Legal Officer

Rhea-AI Summary

Solid Biosciences (Nasdaq: SLDB) announced the grant of an inducement award to its new Chief Legal Officer, Erin Brennan, as approved by independent directors on February 25, 2021. The inducement award consists of an option to purchase 325,000 shares of common stock at an exercise price of $8.52 per share, with a ten-year term and vesting in four equal annual installments. This appointment aims to strengthen the company's leadership in developing therapies for Duchenne muscular dystrophy.

Positive

• Appointment of Erin Brennan as Chief Legal Officer is expected to enhance corporate governance.
• Inducement award of 325,000 shares aligns executive interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass., March 04, 2021 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company focused on advancing meaningful therapies for Duchenne muscular dystrophy (Duchenne), today announced the grant of an inducement award to its newly appointed Chief Legal Officer, Erin Brennan. The grant was approved by a majority of the independent directors of the Company on February 25, 2021 as an inducement material to Ms. Brennan entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant to Ms. Brennan consisted of an option to purchase up to 325,000 shares of common stock. The option has an exercise price of $8.52 per share, the closing price per share of Solid Biosciences’ common stock as reported by Nasdaq on March 1, 2021. The option has a ten-year term and vests in four equal annual installments on each one-year anniversary of Ms. Brennan’s employment start date until the fourth anniversary of Ms. Brennan’s start date, subject to Ms. Brennan’s continued service with the Company through the applicable vesting dates.

About Solid Biosciences

Solid Biosciences is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, our mandate is simple yet comprehensive – work to address the disease at its core by correcting the underlying mutation that causes Duchenne with our lead gene therapy candidate, SGT-001. 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 inducement award granted to Erin Brennan at Solid Biosciences (SLDB)?

Erin Brennan received an inducement award to purchase 325,000 shares at $8.52 per share, vesting over four years.

When was the inducement award for Erin Brennan approved by Solid Biosciences?

The inducement award was approved on February 25, 2021.

How long is the option term for Erin Brennan's inducement award at SLDB?

The option has a ten-year term from the grant date.

What is Solid Biosciences' focus as a life sciences company?

Solid Biosciences focuses on advancing therapies for Duchenne muscular dystrophy.