X4 Pharmaceuticals Reports Inducement Grants Under Nasdaq Rule 5635(c)(4)

X4 Pharmaceuticals (Nasdaq: XFOR), a company dedicated to enhancing the lives of individuals with rare immune system diseases, has made a significant announcement. On May 31, 2024, the company granted inducement awards to its new employees under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan. This plan is specifically designed to provide equity awards to newly hired individuals who have not been previously employed by X4.

The inducement awards issued include options to purchase a total of 166,353 shares of X4’s common stock. These stock options were provided as a key incentive for new employees to join the company, aligning with the guidelines of the Nasdaq Listing Rule 5635(c)(4). The awards were also approved by X4’s Compensation Committee of the Board of Directors.

Each stock option has a ten-year term and comes with an exercise price of $1.01 per share, which matches the closing price of X4’s common stock on the day of issuance, May 31, 2024. The vesting schedule for these options spans four years: 25% of the shares will vest after the first year, and the remaining shares will vest monthly over the next 36 months. This vesting is contingent on the new employees maintaining their employment with X4 on the specified vesting dates. The terms and conditions of the 2019 Inducement Plan, along with an award agreement specific to the grant, govern these options.

X4 Pharmaceuticals is at the forefront of developing and commercializing innovative treatments for rare immune system diseases, addressing significant unmet medical needs. The company has leveraged its expertise in CXCR4 and immune system biology to develop mavorixafor. This drug has been approved in the United States under the brand name XOLREMDI™ (mavorixafor) capsules for its initial indication. Moreover, X4 is exploring additional potential uses for mavorixafor in other indications.

Headquartered in Boston, Massachusetts, X4 Pharmaceuticals operates a research center of excellence in Vienna, Austria. The company's commitment to advancing healthcare for patients with rare diseases underpins its ongoing efforts and developments.

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