Vor Bio Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vor Bio granted stock options and restricted stock units to six newly hired employees as inducements to employment, in accordance with Nasdaq Listing Rule 5635(c)(4). The options and RSUs have a ten-year term, with vesting over a four-year period based on continued employment.

CAMBRIDGE, Mass., May 03, 2024 (GLOBE NEWSWIRE) -- Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, today announced that, effective as of May 1, 2024, the Compensation Committee of the Board of Directors granted stock options to purchase an aggregate of 31,750 shares of Vor Bio’s common stock and restricted stock units (“RSUs”) representing the right to receive an aggregate of 47,625 shares of Vor Bio’s common stock to six newly hired employees. The foregoing stock options and RSUs were granted as material inducements to employment with Vor Bio in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted under the Vor Biopharma Inc. 2023 Inducement Plan (the “Inducement Plan”).

The stock options have a ten-year term and an exercise price of $1.77 per share, which is equal to the closing price of Vor Bio’s common stock on May 1, 2024. The options 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 the employee’s continued employment with Vor Bio on such vesting dates. The RSUs will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting quarterly over the following 36 months, subject to the employee’s continued employment with Vor Bio on such vesting dates. The options and RSUs are subject to the terms and conditions of the Inducement Plan and the terms and conditions of an award agreement covering the grants.

About Vor Bio
Vor Bio is a clinical-stage cell and genome engineering company that aims to change the standard of care for patients with blood cancers by engineering hematopoietic stem cells to enable targeted therapies post-transplant. For more information, visit: www.vorbio.com.

Contact:
Investors & Media
Sarah Spencer
+1 857-242-6076
sspencer@vorbio.com

FAQ

What did Vor Bio announce regarding stock options and RSUs?

Vor Bio announced the granting of stock options and restricted stock units to six newly hired employees as inducements to employment.

Under which Nasdaq listing rule were the stock options and RSUs granted?

The stock options and RSUs were granted under Nasdaq Listing Rule 5635(c)(4).

What is the exercise price of the stock options?

The exercise price of the stock options is $1.77 per share, equal to the closing price of Vor Bio's common stock on May 1, 2024.

How will the options and RSUs vest?

The options and RSUs will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly or quarterly over the following 36 months, subject to the employee's continued employment with Vor Bio on such dates.