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

CAMBRIDGE, Mass., July 31, 2020 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc.A (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multi-drug resistant bacterial infections and rare diseases, today announced that onA July 31, 2020A the Compensation Committee of Speroa??s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 22,000 shares of its common stock to two new employees under theA Spero Therapeutics, Inc.A 2019 Inducement Equity Incentive Plan, or the 2019 Inducement Plan. The stock options were granted as inducements material to the new employees becoming employees of Spero in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Spero (or following a bona fide period of non-employment), as an inducement material to such individualsa?? entering into employment with Spero, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.The options have an exercise price ofA $11.70 per share, which is equal to the closing price of Speroa??s common stock on The Nasdaq Global Select Market onA July 31, 2020. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36-months, subject to each employeea??s continued employment with Spero on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.About Spero
Spero Therapeutics, Inc.A is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multidrug-resistant (MDR) bacterial infections and rare diseases.Speroa??s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is designed to be the first oral carbapenem-class antibiotic for use in adults to treat MDR Gram-negative infections.
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