Provention Bio Announces the Grant of Inducement Awards
RED BANK, N.J., May 3, 2021 /PRNewswire/ -- Provention Bio, Inc. (Nasdaq: PRVB) (the "Company"), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated diseases, today announced that the Company granted stock options to 22 new employees to purchase an aggregate of 423,800 shares of common stock. The stock options were granted without stockholder approval as inducements, material to the new 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.
The stock options were granted with a 10-year term and an exercise price equal to $7.17, today's closing price per share of the Company's common stock as reported by Nasdaq. Each of the options will vest 25% on the one year anniversary of the grant date and 75% in equal installments thereafter so that the grant is fully vested on the four year anniversary of the grant date, provided that the 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.
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Company Codes: NASDAQ-NMS:PRVB