Verve Therapeutics Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Verve Therapeutics granted equity awards to six new employees under the 2024 Inducement Stock Incentive Plan. The awards include stock options for 91,200 shares and 45,800 restricted stock units, with an exercise price of $13.28 per share. The options have a 10-year term and will vest over four years, while the RSUs will vest annually over four years.

BOSTON, March 28, 2024 (GLOBE NEWSWIRE) -- Verve Therapeutics, a clinical-stage biotechnology company pioneering a new approach to the care of cardiovascular disease with single-course gene editing medicines, today announced that on March 28, 2024, the company granted equity awards to six new employees, pursuant to the company’s 2024 Inducement Stock Incentive Plan, as an inducement material to each new employee entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received stock options to purchase an aggregate of 91,200 shares of the company’s common stock and an aggregate of 45,800 restricted stock units (RSUs). The options have an exercise price of $13.28 per share, which is equal to the closing price of the company’s common stock on the date of grant. Each option has a 10-year term and will vest over a period of four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remainder vesting in equal monthly installments over the following three years, subject to each such employee’s continued service with the company on each such vesting date. The RSUs will vest in equal annual installments on the first four anniversaries of April 1, 2024, subject to each such employee’s continued service with the company on each such vesting date.

About Verve Therapeutics 
Verve Therapeutics, Inc. (Nasdaq: VERV) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, potentially transforming treatment from chronic management to single-course gene editing medicines. The company’s lead programs – VERVE-101, VERVE-102, and VERVE-201 – target genes that have been extensively validated as targets for lowering low-density lipoprotein cholesterol (LDL-C), a root cause of atherosclerotic cardiovascular disease (ASCVD). VERVE-101 and VERVE-102 are designed to permanently turn off the PCSK9 gene in the liver and are being developed initially for heterozygous familial hypercholesterolemia (HeFH) and ultimately to treat patients with established ASCVD who continue to be impacted by high LDL-C levels. VERVE-201 is designed to permanently turn off the ANGPTL3 gene in the liver and is initially being developed for homozygous familial hypercholesterolemia (HoFH) and for refractory hypercholesterolemia where patients still have high LDL-C despite treatment with maximally-tolerated standard of care therapies. For more information, please visit www.VerveTx.com.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com

FAQ

How many new employees received equity awards from Verve Therapeutics?

Six new employees received equity awards from Verve Therapeutics.

What is the total number of shares included in the equity awards?

The equity awards include stock options for 91,200 shares and 45,800 restricted stock units.

What is the exercise price per share for the stock options?

The exercise price per share for the stock options is $13.28.

How long is the term for the stock options?

The stock options have a 10-year term.

How will the stock options and RSUs vest?

The stock options will vest over four years, with 25% of shares vesting after one year and the rest over the following three years. The RSUs will vest annually over four years.