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

Rhea-AI Summary

Verve Therapeutics granted equity awards to ten new employees under the company's 2024 Inducement Stock Incentive Plan. The employees received stock options and restricted stock units, totaling 64,200 shares and 56,100 RSUs. The options have an exercise price of $6.01 per share and will vest over four years, while the RSUs will vest annually over four years.

BOSTON, May 03, 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 April 30, 2024, the company granted equity awards to ten 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 64,200 shares of the company’s common stock and an aggregate of 56,100 restricted stock units (RSUs). The options have an exercise price of $6.01 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 July 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

What inducement grants did Verve Therapeutics announce?

Verve Therapeutics announced equity awards to ten new employees under the company's 2024 Inducement Stock Incentive Plan.

How many shares and RSUs were granted to the new employees?

The new employees received a total of 64,200 shares of the company's common stock and 56,100 restricted stock units (RSUs).

What is the exercise price of the options granted?

The options granted to the employees have an exercise price of $6.01 per share.

How long is the vesting period for the options and RSUs?

The options will vest over four years, with 25% vesting on the one-year anniversary and the rest monthly over the next three years. The RSUs will vest annually over four years.