Science 37 Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
RESEARCH TRIANGLE PARK, N.C., June 09, 2023 (GLOBE NEWSWIRE) -- Science 37 Holdings, Inc. (Nasdaq: SNCE), the industry-leading Metasite™, today announced the granting of inducement equity awards under the Science 37 Holdings, Inc. 2022 Employment Inducement Incentive Award Plan (the “Plan”). The Plan was approved by Science 37’s Board of Directors in November 2022. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Science 37’s Compensation Committee and made as a material inducement to the non-executive employees' entry into employment with the Company.
In connection with the commencement of employment, on June 9, 2023, options to purchase an aggregate 62,000 shares of Science 37 common stock at an exercise price of $0.2978 per share, which was the closing sales price of Science 37’s common stock on the Nasdaq Stock Market LLC on the date of grant, were granted to 3 new employees.
The options have a 10-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the grant date and the remaining underlying shares vesting in equal monthly installments until fully vested on the fourth anniversary of the grant date, subject to the applicable employee's continued service with Science 37 through each applicable vesting date.
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