Editas Medicine, Inc. (Nasdaq: EDIT) announced an inducement stock option grant to its newly appointed Chief Medical Officer, Daniel Ory, M.D., according to a company statement.

The Editas Medicine Board of Directors approved a stock option allowing Dr. Ory to purchase up to 950,000 shares of common stock at $3.03 per share, which was the closing price on the date of the grant. The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).

The options vest over four years, with 25% of shares vesting on the 15th day of the month immediately following the first anniversary of Dr. Ory's start date. The remaining shares vest ratably at the end of each subsequent month, subject to Dr. Ory's continued service with the company through the applicable vesting dates.