Fate Therapeutics Reports New Employee Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, June 04, 2024 (GLOBE NEWSWIRE) — Fate Therapeutics, Inc. (NASDAQ:FATE), a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune disorders, today announced that on June 1, 2024 the Company granted (i) a non-qualified stock option to one newly-hired employee to purchase a total of 65,000 shares of the Company’s common stock at an exercise price per share of $3.68, which was the closing price per share of the Company’s common stock as reported by NASDAQ on May 31, 2024, the last date preceding the grant effective date for which a closing price was reported, and (ii) restricted stock units (RSUs) representing 14,500 shares of its common stock to three newly-hired non-executive employees. The grants were approved by the Compensation Committee of the Company’s Board of Directors and granted under the Company’s Amended and Restated Inducement Equity Plan as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option will vest over four years, with 25% of the shares underlying the option vesting on the one-year anniversary of the grant date and the remaining 75% percent vesting in approximately equal monthly installments over the following thirty-six months, subject to the employee being continuously employed by the Company through each vesting date. The RSUs will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date, subject to the employee being continuously employed by the Company through each vesting date.