Solid Biosciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company focused on developing precision genetic medicines for neuromuscular and cardiac diseases, has announced the granting of 51,338 restricted stock units (RSUs) to three newly hired employees. These RSUs are structured to vest in four equal annual installments, with full vesting occurring on the fourth anniversary of the grant date.

The grants were made under the Company's 2024 Inducement Stock Incentive Plan and are in accordance with Nasdaq Listing Rule 5635(c)(4). This rule allows for the granting of equity as a material inducement for new employees to join the company. Continued vesting of these equity awards is contingent upon the employees' ongoing service with Solid Biosciences through each vesting date.

Positive

• Attraction of new talent with equity incentives
• Alignment of employee interests with company performance through RSU grants

Negative

• Potential dilution of existing shareholders' equity

CHARLESTOWN, Mass., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB) (the “Company”), a life sciences company developing precision genetic medicines for neuromuscular and cardiac diseases, today announced grants of 51,338 restricted stock units (“RSUs”) to three newly hired employees.

The RSUs vest in four equal installments on each one-year anniversary of the grant date until the fourth anniversary of the grant date. Vesting of the equity awards is subject to the applicable employee’s continued service with the Company through each applicable vesting date.

These grants were made pursuant to the Company’s 2024 Inducement Stock Incentive Plan and were made as an inducement material to each employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

About Solid Biosciences
Solid Biosciences is a life sciences company focused on advancing a portfolio of gene therapy candidates including SGT-003 for the treatment of Duchenne muscular dystrophy (Duchenne), SGT-501 for the treatment of catecholaminergic polymorphic ventricular tachycardia (CPVT), AVB-401 for the treatment of BAG3-mediated dilated cardiomyopathy, and additional assets for the treatment of fatal cardiac diseases. Solid is advancing its diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management, and care. Patient-focused and founded by those directly impacted, Solid’s mandate is to improve the daily lives of patients living with these devastating diseases. For more information, please visit www.solidbio.com.

Solid Biosciences Investor Contact:
Nicole Anderson
Director, Investor Relations and Corporate Communications
Solid Biosciences Inc.
investors@solidbio.com

Media Contact:
Glenn Silver
FINN Partners
glenn.silver@finnpartners.com

FAQ

How many restricted stock units (RSUs) did Solid Biosciences (SLDB) grant to new employees?

Solid Biosciences (SLDB) granted 51,338 restricted stock units (RSUs) to three newly hired employees.

What is the vesting schedule for the RSUs granted by Solid Biosciences (SLDB)?

The RSUs vest in four equal installments on each one-year anniversary of the grant date until the fourth anniversary of the grant date.

Under which plan were the RSUs granted by Solid Biosciences (SLDB)?

The RSUs were granted under Solid Biosciences' 2024 Inducement Stock Incentive Plan.

What is the purpose of the RSU grants by Solid Biosciences (SLDB)?

The RSU grants were made as an inducement material to each employee's acceptance of employment with Solid Biosciences, in accordance with Nasdaq Listing Rule 5635(c)(4).