Full Press Release Details
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.
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.