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

Rhea-AI Summary

Vor Bio, a clinical-stage cell and genome engineering company, has granted stock options and restricted stock units (RSUs) to four newly hired employees. The stock options allow the purchase of 50,000 shares of Vor Bio's common stock at an exercise price of $2.08 per share. The RSUs represent the right to receive 75,000 shares of Vor Bio's common stock. Both the stock options and RSUs will vest over a four-year period, subject to continued employment with Vor Bio.

CAMBRIDGE, Mass., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, today announced that, effective as of October 30, 2023, the Compensation Committee of the Board of Directors granted stock options to purchase an aggregate of 50,000 shares of Vor Bio’s common stock and restricted stock units (“RSUs”) representing the right to receive an aggregate of 75,000 shares of Vor Bio’s common stock to four newly hired employees. 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 $2.08 per share, which is equal to the closing price of Vor Bio’s common stock on October 30, 2023. 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

What is the ticker symbol for Vor Bio?

The ticker symbol for Vor Bio is VOR.

What is the purpose of granting stock options and RSUs?

The stock options and RSUs are granted as material inducements to employment with Vor Bio.

How many shares can be purchased through the stock options?

The stock options allow the purchase of 50,000 shares of Vor Bio's common stock.

What is the exercise price of the stock options?

The exercise price of the stock options is $2.08 per share.

How will the stock options and RSUs vest?

Both the stock options and RSUs will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly/quarterly over the following 36 months, subject to continued employment with Vor Bio.

What is the Inducement Plan?

The Inducement Plan is the Vor Biopharma Inc. 2023 Inducement Plan under which the stock options and RSUs were granted.

What are the terms and conditions of the options and RSUs?

The options and RSUs are subject to the terms and conditions of the Inducement Plan and an award agreement covering the grants.