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

Rhea-AI Summary

Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, has announced inducement grants for a newly hired employee. The grants, approved by the Compensation Committee, include stock options to purchase 1,250 shares and restricted stock units (RSUs) for 1,875 shares of Vor Bio's common stock. These grants were made under the Vor Biopharma Inc. 2023 Inducement Plan, in compliance with Nasdaq Listing Rule 5635(c)(4).

The stock options have a ten-year term and an exercise price of $0.929 per share, equal to the closing price on July 31, 2024. Both options and RSUs will vest over four years, with 25% vesting after 12 months and the remainder vesting monthly (options) or quarterly (RSUs) over the following 36 months, subject to continued employment.

Positive

• Vor Bio is attracting new talent with stock-based compensation
• The company has an Inducement Plan in place for new hires
• The grants align employee interests with shareholder interests through long-term vesting schedules

Negative

• The stock price of $0.929 per share indicates a low share price, potentially reflecting market challenges
• The small number of shares granted (1,250 options and 1,875 RSUs) suggests scale of hiring or conservative compensation

CAMBRIDGE, Mass., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, today announced that, effective as of July 31, 2024, the Compensation Committee of the Board of Directors granted stock options to purchase an aggregate of 1,250 shares of Vor Bio’s common stock and restricted stock units (“RSUs”) representing the right to receive an aggregate of 1,875 shares of Vor Bio’s common stock to one newly hired employee. 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 $0.929 per share, which is equal to the closing price of Vor Bio’s common stock on July 31, 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 inducement grants did Vor Bio (VOR) announce on August 2, 2024?

Vor Bio announced stock options to purchase 1,250 shares and restricted stock units (RSUs) for 1,875 shares of common stock for a newly hired employee.

What is the exercise price of the stock options granted by Vor Bio (VOR) on July 31, 2024?

The stock options have an exercise price of $0.929 per share, equal to Vor Bio's closing stock price on July 31, 2024.

How do the stock options and RSUs vest for the new Vor Bio (VOR) employee?

Both options and RSUs vest over four years, with 25% vesting after 12 months and the remainder vesting monthly (options) or quarterly (RSUs) over the following 36 months.

Under which plan were Vor Bio's (VOR) inducement grants issued?

The inducement grants were issued under the Vor Biopharma Inc. 2023 Inducement Plan, in compliance with Nasdaq Listing Rule 5635(c)(4).