AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a shared purpose 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 63,000 shares of the company’s common stock to one new employee as an inducement award under the company’s 2019 Inducement Plan. In addition, the company has granted an aggregate of 67,177 restricted stock units (RSUs) to two new employees as inducement awards under the company’s 2019 Inducement Plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options and RSUs were granted as inducement material to the new employees’ acceptance of employment with the company and were approved by the Compensation Committee of the company’s Board of Directors. The stock option and RSUs were granted on May 2, 2022, with an exercise price of $0.93 per share for the stock option, 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. The RSUs vest over four years, with 25 percent of the original number of shares vesting on the first anniversary of employees’ new hire dates and the remainder vesting in equal annual installments over the following three years. Vesting of the inducement grants is subject to continued service with AVROBIO by the employee through the applicable vesting dates.