Provention Bio, Inc, a biopharmaceutical company dedicated to intercepting and preventing immune-mediated diseases, announced that the Company granted stock options to 8 non-executive employees to purchase an aggregate of 124,000 shares of common stock. The stock options were granted without stockholder approval as inducements, material to the new non-executive employees entering into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4) and were approved by the Company’s compensation committee of the board of directors.
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The stock options were granted with a 10-year term and an exercise price equal to $8.59 the closing price per share of the Company’s common stock as reported by Nasdaq on February 1st, 2023. Each of the options will vest 25% on the one year anniversary of the grant date and 75% in equal monthly installments thereafter so that the grant is fully vested on the four year anniversary of the grant date, provided that each new employee continues to serve as an employee of, or other service provider to, the Company on each such vesting date. The stock options are subject to the terms of the Provention Bio, Inc. 2020 Inducement Plan, as amended.
Provention Bio, Inc. is a commercial-stage biopharmaceutical company focused on advancing the development and commercialization of investigational therapies that may intercept and prevent debilitating and life-threatening immune-mediated diseases.
SOURCE: PR Newswire