Translate Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
LEXINGTON, Mass., April 07, 2021 (GLOBE NEWSWIRE) -- Translate Bio (Nasdaq: TBIO), a clinical-stage messenger RNA (mRNA) therapeutics company developing a new class of potentially transformative medicines to treat or prevent debilitating or life-threatening diseases, today reported that on April 5, 2021, the Company granted non-qualified stock options to purchase an aggregate of 111,800 shares of the Company’s common stock to fourteen newly hired employees. These grants were made pursuant to the Company’s 2021 Inducement Stock Incentive Plan, were approved by the Company’s Inducement Grant Subcommittee of the board of directors, and were made as a material inducement to each employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.
The stock options have an exercise price of $16.82 per share, equal to the closing price of Translate Bio’s common stock on April 5, 2021. Each stock option has a ten year term and vests over four years, with 25% of the shares underlying the option vesting on April 5, 2022 and in thirty-six equal monthly installments thereafter as to the remaining shares. The vesting of each grant is subject to the employee’s continued service with the Company through the applicable vesting date. The inducement grants are subject to the terms an conditions of award agreements covering the grants and the Company’s 2021 Inducement Stock Incentive Plan.
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