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

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Rhea-AI Summary

Verve Therapeutics has granted equity awards to six new employees as inducement for employment. The awards include 47,600 stock options with an exercise price of $5.73 per share and 42,710 restricted stock units (RSUs). The options have a 10-year term, vesting over four years with 25% vesting after one year and the remainder monthly over three years. The RSUs will vest in equal annual installments over four years starting January 1, 2025. These grants were made under the company's 2024 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

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11/01/2024 - 04:26 PM

BOSTON , Nov. 01, 2024 (GLOBE NEWSWIRE) -- Verve Therapeutics, a clinical-stage company developing a new class of genetic medicines for cardiovascular disease, today announced that on October 31, 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 47,600 shares of the company’s common stock and an aggregate of 42,710 restricted stock units (RSUs). The options have an exercise price of $5.73 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 January 1, 2025, 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 company developing a new class of genetic medicines for cardiovascular disease with the potential to transform 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 refractory hypercholesterolemia, where patients still have high LDL-C despite treatment with maximally tolerated standard of care therapies, and homozygous familial hypercholesterolemia (HoFH). 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 equity awards did Verve Therapeutics (VERV) grant to new employees on October 31, 2024?

Verve Therapeutics granted 47,600 stock options at $5.73 per share and 42,710 RSUs to six new employees.

What is the vesting schedule for VERV's October 2024 stock options grant?

The stock options vest over 4 years, with 25% vesting after one year and the remainder vesting monthly over the following three years.

How will the RSUs granted by VERV in October 2024 vest?

The RSUs will vest in equal annual installments over four years, beginning January 1, 2025.

What is the exercise price of VERV's stock options granted on October 31, 2024?

The stock options have an exercise price of $5.73 per share, equal to the closing price on the grant date.