CAMBRIDGE, Mass.– AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced that the company has granted a non-statutory stock option for the purchase of up to 120,000 shares of the company’s common stock to the company’s new Chief Medical Officer, Essra Ridha, M.D., as an inducement award under the company’s 2019 Inducement Plan. The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option was granted as inducement material to the new employee’s acceptance of employment with the company and was approved by the Compensation Committee of the company’s Board of Directors. The stock option was granted on Nov. 1, 2021, with an exercise price of $5.67 per share, representing the closing price of AVROBIO’s common stock as reported by Nasdaq on the grant date.
The stock option award has a 10-year term and vests over four years, with 25 percent of the original number of shares vesting on the first anniversary of the employee’s new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of the option award is subject to continued service with AVROBIO by the employee through the applicable vesting dates.
