Inozyme reports inducement grants under Nasdaq listing rule

Inozyme Pharma announced that the Company granted stock options to new employees to purchase shares of the Company’s common stock, pursuant to the Company’s 2023 Inducement Stock Incentive Plan, each as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The Company’s compensation committee granted nonstatutory stock options to purchase up to an aggregate of 170,000 shares of the Company’s common stock to four new employees on May 1, 2023, at an exercise price of $5.81 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on May 1, 2023. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and 2.0833% of the shares underlying the option vesting monthly thereafter, subject to such employee’s continued service to the Company through the applicable vesting dates.