Seres Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., February 03, 2023--(BUSINESS WIRE)--Seres Therapeutics, Inc. (Nasdaq: MCRB) ("Seres" or the "Company"), a leading microbiome therapeutics company, today announced that on February 1, 2023, the Compensation and Talent Committee of Seres’ board of directors granted inducement equity grants covering an aggregate of 48,750 shares of its common stock to eleven new employees, consisting of stock options to purchase an aggregate of 32,500 shares of common stock and restricted stock units ("RSUs"), covering an aggregate of 16,250 shares of its common stock.
These stock options and inducement RSUs are subject to the terms of the Seres Therapeutics, Inc. 2022 Employment Inducement Award Plan (the "Inducement Plan").
The Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to their entering into employment with Seres pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted by Seres’ board of directors in December 2022.
The stock options have an exercise price of $5.49 per share. Each option will vest as to 25% of the total number of shares subject to the option on the first anniversary of the applicable individual’s date of hire and as to 6.25% of the total number of shares subject to the option upon a completion of each three full months of service to the Company thereafter. The RSUs vest as to 25% of an award on the first 15th day of a calendar month that immediately follows the first anniversary of the applicable individual’s date of hire and as to an additional 6.25% of the award, upon completion of each three full months of service to the Company thereafter.
About Seres Therapeutics
Seres Therapeutics, Inc. (Nasdaq: MCRB) is a leading microbiome therapeutics company developing a novel class of multifunctional bacterial consortia that are designed to functionally interact with host cells and tissues to treat disease. For more information, please visit www.serestherapeutics.com.
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Carlo Tanzi, Ph.D.