SAN DIEGO, May 21, 2024 /PRNewswire/ -- Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs), today announced that on May 20, 2024, the Human Capital Management Committee of Avidity's Board of Directors granted non-qualified stock option awards to purchase an aggregate of 150,500 shares of its common stock and 33,250 restricted stock units ("RSUs") to seven (7) new non-executive employees under the Avidity Biosciences, Inc. 2022 Employment Inducement Incentive Award Plan (the "2022 Inducement Plan"). The awards were granted as inducements material to the employees entering into employment with Avidity in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2022 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Avidity, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Avidity, pursuant to Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $29.24 per share, which is equal to the closing price of Avidity's common stock on The Nasdaq Global Market on May 20, 2024. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee's continued employment with Avidity on such vesting dates. The RSUs will vest in four equal installments on the first four anniversaries of the applicable vesting commencement date, subject to each employee's continued employment with Avidity on such vesting dates. The awards are subject to the terms and conditions of the 2022 Inducement Plan and the terms and conditions of a stock option agreement or RSU agreement, as applicable, covering the grant.
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SOURCE Avidity Biosciences, Inc.
