On March 17, 2023 Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE), a clinical-stage biotechnology company developing a new generation of human enzyme therapeutics as innovative solutions for rare metabolic diseases, reported the company granted non-qualified equity awards to four new employees with a grant date of March 17, 2023, as equity inducement awards outside of the company’s 2016 Equity Incentive Plan, but under the terms of the company’s 2018 Equity Inducement Plan (Press release, Aeglea BioTherapeutics, MAR 17, 2023, View Source [SID1234628996]). The awards were granted as material inducements to the employees entering into employment with Aeglea in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules.

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The 2018 Equity Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Aeglea, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Aeglea, pursuant to Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 63,000 shares of Aeglea’s common stock. The options have an exercise price of $0.31 per share, which is equal to the closing price of Aeglea’s common stock on March 17, 2023. The option awards vest at 25% of the shares on the one-year anniversary of the grant, with the remainder of the shares vesting ratably over 36 months thereafter subject to each employees’ continued employment through the applicable vesting date. The awards are subject to the terms and conditions of the 2018 Equity Inducement Plan and the terms and conditions of a stock option agreement covering the grant.