PHILADELPHIA, PA — Passage Bio, Inc. (Nasdaq: PASG) announced it recently granted an inducement award to a new employee.
Passage Bio stated it granted options to purchase 7600 shares of common stock to this employee as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $1.67 per share, which is equal to the closing price of Passage Bio’s common stock on January 17, 2023, the grant date of the options.
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 the 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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