STAMFORD, Conn., Sept. 22, 2023 (GLOBE NEWSWIRE) — GeneDx, renowned for its dedication to enhancing health outcomes through genomic and clinical insights, is making a bold move to fortify its team. Starting October 1, the compensation committee of GeneDx’s board of directors is granting a whopping 133,998 restricted stock units (RSUs) to newly-hired employees. These RSUs are designed to serve as a compelling inducement for each new team member as they embark on their journey with GeneDx, fully compliant with Nasdaq Listing Rule 5635(c)(4).
Now, let’s talk about the exciting part vesting. The inducement RSUs will begin to unlock with a bang, as 25% of the underlying shares become available on the first anniversary of October 1, 2023 (let’s call it the “Vesting Commencement Date”). But the excitement doesn’t stop there. Over the course of the next 12 quarterly anniversaries of the Vesting Commencement Date, another 6.25% of the underlying shares will be up for grabs, provided our talented recruits continue their dedicated service with GeneDx on each respective vesting date.
Each RSU represents a tantalizing opportunity—a promise that, upon settlement, the holder will receive 1 share of the Issuer’s Class A Common Stock. And as the final flourish, GeneDx typically arranges a clever “sell to cover” transaction to fund any tax withholding obligations associated with RSU vesting and settlement.
This isn’t just business as usual; it’s GeneDx’s way of showing a warm welcome and a bright future to its new team members, setting the stage for a journey of growth and success.
At GeneDx, we’re not just in the business of healthcare; we’re redefining it. Our mission is to empower individuals with personalized and actionable health insights that transcend traditional boundaries. We’re the catalysts of change, shaping the future of medicine, one breakthrough at a time.
It’s our unwavering commitment to making precision medicine the new standard of care. GeneDx stands proudly at the forefront, revolutionizing healthcare by harnessing the power of genomics and vast clinical data. We’re not just talking the talk; we walk the walk with industry-leading exome and genome testing and interpretation.
But what truly fuels our journey is our treasure trove of data one of the world’s largest, packed with insights into rare diseases. We’re not just changing the game; we’re rewriting the rules, setting the stage for a healthier, more informed world. Welcome to GeneDx, where the future of healthcare begins.