Clive Meanwell, a director of CM Life Sciences III Inc., just received 356,446 options from the company. The strike prices of the options received ranged from $0.00 to $0.44, and these expire on October 13, 2030. Meanwell now owns at least 313,500 options on the company.
Some additional info was provided as follows:
These options were issued under the 2019 Stock Option and Grant Plan (the "2019 Plan") of EQRx International, Inc. (f/k/a EQRx, Inc., "Legacy EQRx") and were assumed upon the consummation of the transactions (the "Closing" of the "Business Combination") contemplated by the Agreement and Plan of Merger dated August 5, 2021 (the "Merger Agreement") by and among the Issuer (f/k/a CM Life Sciences III Inc.), Clover III Merger Sub Inc. and Legacy EQRx, pursuant to the terms of the Merger Agreement and the 2019 Plan and are now exercisable for shares of the Issuer's Common Stock. The shares underlying this option vest and become exercisable in 16 equal quarterly installments commencing October 13, 2020, subject to the Reporting Person's continuous service as of each vesting date.
Upon consummation of the Business Combination, the Reporting Person received the right to acquire 42,946 shares of the Issuer's Common Stock (the "Earn-out Shares"), (i) 30,062 of which will be released from escrow if the value weighted average price ("VWAP") for at least 20 of any 30 consecutive trading days following December 17, 2022 is at least $12.50; and (ii) 12,884 of which will be released from such escrow if the VWAP for at least 20 of any 30 consecutive trading days following December 17, 2022 is at least $16.50. Any Earn-out Shares not eligible to be released on or prior to December 17, 2024 will be forfeited and cancelled, and the maximum number of Earn-out Shares the Reporting Person may be eligible to acquire is subject to adjustment per the terms of the Merger Agreement.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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