Vor Bio Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Vor Bio grants stock options and RSUs to new employees as inducements to employment
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Stock options and RSUs granted to new employees as inducements to employment
Exercise price of stock options set at $2.12 per share, equal to closing price on September 29, 2023
Options and RSUs vest over a four-year period
10/03/2023 - 04:01 PM
CAMBRIDGE, Mass., Oct. 03, 2023 (GLOBE NEWSWIRE) -- Vor Bio (Nasdaq: VOR), a clinical-stage cell and genome engineering company, today announced that, effective as of October 1, 2023, the Compensation Committee of the Board of Directors granted stock options to purchase an aggregate of 19,250 shares of Vor Bio’s common stock and restricted stock units (“RSUs”) representing the right to receive an aggregate of 28,876 shares of Vor Bio’s common stock to five 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 $2.12 per share, which is equal to the closing price of Vor Bio’s common stock on September 29, 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 +1 857-242-6076sspencer@vorbio.com
Vor Biopharma Inc
NASDAQ:VOR
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Industry
Research and Development in Biotechnology
Sector
Professional, Scientific, and Technical Services
About VOR
vor biopharma is pioneering engineered hematopoietic stem cells (ehscs) to dramatically change the treatment paradigm for hematological cancers. vor’s ehscs are designed to generate healthy, fully functional cells with specific advantageous modifications, for example to protect the blood and bone marrow from the toxic effects of antigen-targeted therapies, protecting healthy cells from depletion but leaving tumor cells vulnerable. vor’s platform could potentially be used to change the treatment paradigm of both hematopoietic stem cell transplants and antigen-targeted therapies such as antibody drug conjugates, bispecific antibodies and car-t cell treatments. a proof-of-concept study for vor’s lead program has been published in proceedings of the national academy of sciences. vor is based in cambridge, mass. and has a broad intellectual property base including in-licenses from columbia university, where foundational work was conducted by inventor and vor scientific board chair siddhar