Fate Therapeutics Reports New Employee Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fate Therapeutics, a clinical-stage biopharmaceutical company focused on developing iPSC-derived cellular immunotherapies for cancer and autoimmune diseases, has announced new employee inducement awards. On October 1, 2024, the company granted restricted stock units (RSUs) representing 16,400 shares of its common stock to two newly-hired non-executive employees.

The grants were approved by the Compensation Committee of Fate Therapeutics' Board of Directors under the company's Amended and Restated Inducement Equity Plan. These RSUs will vest over four years, with 25% of the shares vesting on each anniversary of the grant date, contingent on continuous employment. The awards comply with Nasdaq Listing Rule 5635(c)(4) as an inducement for new employees joining the company.

Positive

• Attraction of new talent to support company growth
• Implementation of employee retention strategy through equity-based compensation

Negative

• None.

SAN DIEGO, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune diseases, today announced that on October 1, 2024 the Company granted restricted stock units (RSUs) representing 16,400 shares of its common stock to two newly-hired non-executive employees. The grants were approved by the Compensation Committee of the Company’s Board of Directors and granted under the Company’s Amended and Restated Inducement Equity Plan as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date, subject to the employee being continuously employed by the Company through each vesting date.

About Fate Therapeutics, Inc.
Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune diseases. Using its proprietary iPSC product platform, the Company has established a leadership position in creating multiplexed-engineered iPSC lines and in the manufacture and clinical development of off-the-shelf, iPSC-derived cell products. The Company’s pipeline includes iPSC-derived natural killer (NK) cell and T-cell product candidates, which are selectively designed, incorporate novel synthetic controls of cell function, and are intended to deliver multiple therapeutic mechanisms to patients. Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com.

Contact:
Christina Tartaglia
Precision AQ
212.362.1200
christina.tartaglia@precisionaq.com

FAQ

How many shares of restricted stock units (RSUs) did Fate Therapeutics grant to new employees on October 1, 2024?

Fate Therapeutics granted restricted stock units (RSUs) representing 16,400 shares of its common stock to two newly-hired non-executive employees on October 1, 2024.

What is the vesting schedule for the RSUs granted by Fate Therapeutics (FATE) to new employees?

The RSUs granted by Fate Therapeutics will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date, subject to continuous employment.

Under which plan were the new employee inducement awards granted by Fate Therapeutics (FATE)?

The new employee inducement awards were granted under Fate Therapeutics' Amended and Restated Inducement Equity Plan.

What Nasdaq rule does Fate Therapeutics' (FATE) new employee inducement awards comply with?

Fate Therapeutics' new employee inducement awards comply with Nasdaq Listing Rule 5635(c)(4).