On April 11, 2025 Replimune Group, Inc. (NASDAQ: REPL), a clinical stage biotechnology company pioneering the development of novel oncolytic immunotherapies, reported the grant of inducement equity awards to newly hired non-executive employees (Press release, Replimune, APR 11, 2025, View Source [SID1234651887]).

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The Company granted equity awards to 53 employees as a material inducement to commencing their employment with the Company. The inducement awards consist of non-qualified stock options to purchase an aggregate of 98,450 shares of the Company’s common stock and restricted stock units representing an aggregate of 155,875 shares of the Company’s common stock. Each option has an exercise price of $7.49 per share, which is equal to the closing price of the Company’s common stock on April 7, 2025 (the "Date of Grant"). Each option has a 10-year term and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the Date of Grant, and the remainder vesting in monthly installments for three years thereafter. The restricted stock units vest in approximately four equal annual installments beginning on May 15, 2026.

The aforementioned inducement awards were approved by the compensation committee of the Company’s board of directors in reliance on the employment inducement exception under Nasdaq Listing Rule 5635(c)(4). While the inducement awards were granted outside of the Company’s 2018 Equity Incentive Plan, the awards will have terms and conditions consistent with those set forth under such plan.