Intellia Therapeutics Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on CRISPR-based therapies, has announced the granting of inducement awards to nine new employees under its 2024 Inducement Plan. The awards, granted on October 1, 2024, consist of time-based restricted stock units (RSUs) for 54,944 shares of Intellia's common stock.
The RSUs will vest in three equal installments on October 1 of 2025, 2026, and 2027, subject to the employees' continued service. These awards were granted outside of Intellia's stockholder-approved equity incentive plans, as part of the 2024 Inducement Plan adopted by the board of directors in June 2024. The compensation committee approved the awards as a material inducement for employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
Positive
- Attraction of new talent with inducement grants
- Implementation of employee retention strategy through time-based RSUs
Negative
- Potential dilution of existing shareholders due to new stock grants
News Market Reaction
On the day this news was published, NTLA gained 1.93%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CAMBRIDGE, Mass., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today announced that on October 1, 2024 it awarded inducement grants to nine new employees under Intellia’s 2024 Inducement Plan as a material inducement to employment.
The inducement grants consisted of time-based restricted stock units (“RSUs”) for 54,944 shares of Intellia’s common stock, with one-third of such RSUs vesting on October 1, 2025, 2026 and 2027.
All equity vesting is subject to each employee’s continued service as an employee of, or other service provider to, Intellia through the applicable vesting dates.
All of the above-described awards were granted outside of Intellia’s stockholder-approved equity incentive plans pursuant to Intellia’s 2024 Inducement Plan, which was adopted by the board of directors in June 2024. The awards were approved by Intellia’s compensation committee as a material inducement to entering into employment with Intellia in accordance with Nasdaq Listing Rule 5635(c)(4).
About Intellia Therapeutics
Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. The company’s in vivo programs use CRISPR to enable precise editing of disease-causing genes directly inside the human body. Intellia’s ex vivo programs use CRISPR to engineer human cells outside the body for the treatment of cancer and autoimmune diseases. Intellia’s deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at intelliatx.com and follow us @intelliatx.
Intellia Contacts:
Investors:
Ian Karp
Senior Vice President, Investor Relations and Corporate Communications
ian.karp@intelliatx.com
Lina Li
Senior Director, Investor Relations and Corporate Communications
lina.li@intelliatx.com
This press release was published by a CLEAR® Verified individual.
FAQ
How many new employees received inducement grants from Intellia Therapeutics (NTLA) on October 1, 2024?
What type of inducement grants did Intellia Therapeutics (NTLA) award to new employees?
When will the RSUs granted by Intellia Therapeutics (NTLA) vest for the new employees?
Under which plan were the inducement grants awarded by Intellia Therapeutics (NTLA)?
