On February 14, 2023 Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company developing ARCUS-based ex vivo allogeneic CAR T and in vivo gene editing therapies, reported that, on February 9, 2023, the Compensation Committee of Precision’s Board of Directors approved the grant of inducement awards to new employees under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan ("Inducement Award Plan") (Press release, Precision Biosciences, FEB 14, 2023, View Source [SID1234627179]). The inducement awards consist of options to purchase ("stock options") an aggregate of 159,097 shares of Precision’s common stock, par value $0.000005 (the "Common Stock"), which stock options were granted among eight employees who commenced employment between October 31, 2022 and January 23, 2023. Each of the stock options were granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employees to commence service with Precision.

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The stock options have a per share exercise price equal to the fair market value of Precision’s Common Stock on the grant date, which was equal to $1.13. Each of the stock options has a 10-year term and vests (subject to continued service to Precision through the applicable vesting dates) as to 25% of the award on the first anniversary of the date of the commencement of their employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter.