Spero Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Spero Therapeutics, Inc. (Nasdaq: SPRO) announced on July 31, 2020, that its Compensation Committee granted non-qualified stock options to purchase 22,000 shares to two new employees, as part of the 2019 Inducement Equity Incentive Plan. The options have an exercise price of $11.70 per share, equal to the closing stock price on that date, vesting over four years. This plan is designed to attract talent by offering inducements for new hires who have not previously been employed by Spero.

Positive

• Attracting new talent through stock options enhances workforce capabilities.
• Stock options priced at $11.70 reflect current market value, aligning employee interests with shareholder value.

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• None.

CAMBRIDGE, Mass., July 31, 2020 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multi-drug resistant bacterial infections and rare diseases, today announced that on July 31, 2020 the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 22,000 shares of its common stock to two new employees under the Spero Therapeutics, Inc. 2019 Inducement Equity Incentive Plan, or the 2019 Inducement Plan. The stock options were granted as inducements material to the new employees becoming employees of Spero in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Spero (or following a bona fide period of non-employment), as an inducement material to such individuals’ entering into employment with Spero, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The options have an exercise price of $11.70 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on July 31, 2020. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36-months, subject to each employee’s continued employment with Spero on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Spero
Spero Therapeutics, Inc. is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multidrug-resistant (MDR) bacterial infections and rare diseases.

Spero’s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is designed to be the first oral carbapenem-class antibiotic for use in adults to treat MDR Gram-negative infections.

Spero is also advancing SPR720, its novel oral therapy product candidate designed for the treatment of rare, orphan disease caused by pulmonary non-tuberculous mycobacterial (NTM) infections.

Spero also has an IV-administered next generation polymyxin product candidate, SPR206, developed from its potentiator platform that is being developed to treat MDR Gram-negative infections in the hospital setting.

For more information, visit https://sperotherapeutics.com.

Spero Investor and Media Contact: 
Sharon Klahre
Senior Director, Investor Relations
857-242-1547 
IR@sperotherapeutics.com

FAQ

What recent stock option awards did Spero Therapeutics grant?

On July 31, 2020, Spero Therapeutics granted stock options for 22,000 shares to two new employees under the 2019 Inducement Equity Incentive Plan.

What is the exercise price of the stock options granted by Spero Therapeutics?

The exercise price of the stock options is $11.70 per share.

How long will the stock options at Spero Therapeutics vest?

The stock options will vest over a four-year period, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months.

What is the purpose of the 2019 Inducement Equity Incentive Plan for Spero?

The 2019 Inducement Plan is used to grant stock options to new employees as an inducement to join the company.