PHILADELPHIA, PA — Passage Bio, Inc. (Nasdaq: PASG) announced it recently granted inducement awards to eight newly hired employees under an inducement plan adopted by its board of directors.
Passage Bio granted these employees options to purchase an aggregate of 72,000 shares as a material inducement to their employment (the Inducement Options). The Inducement Options have an exercise price of $11.50 per share, which is equal to the closing price of Passage Bio’s common stock on September 15, 2021, the grant date of the Inducement Options.
The Company states that these Inducement Options were granted in accordance with Nasdaq listing Rule 5635(c)(4). The shares subject to the Inducement Options will vest over four years, with 25 percent of the shares vesting on the one-year anniversary of the applicable grant date, and the remainder vesting in 36 equal monthly installments thereafter, subject to each employee’s continued employment. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.
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