C4 Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

C4 Therapeutics (Nasdaq: CCCC) announced the approval of an inducement grant consisting of non-qualified stock options to purchase 345,600 shares of common stock for one new employee. The grant, approved by independent directors on the Organization, Leadership and Compensation Committee, was made on October 28, 2024. The exercise price equals the closing price on the grant date. The options will vest over four years, with 25% vesting after one year and the remaining shares vesting in 36 monthly installments, contingent on continued employment.

WATERTOWN, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today announced that the independent directors serving on the Organization, Leadership and Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase 345,600 shares of the Company’s common stock to one new employee (the “Inducement Grant”), with the grant made on October 28, 2024 (the “Grant Date”). The Inducement Grant was granted as a material inducement to this individual entering into employment with C4T in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grant has an exercise price per share that is equal to the closing price of C4T’s common stock on the Grant Date. The Inducement Grant will vest over a four-year period, with 25% of the shares vesting on the first-year anniversary of the employee’s start date, with the remainder of the shares vesting in thirty-six equal monthly installments thereafter, subject to the employee’s continued employment with C4T through each vesting date.

About C4 Therapeutics

C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs through clinical studies and leveraging its TORPEDO^® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please visit www.c4therapeutics.com.

Contacts:

Investors:
Courtney Solberg
Senior Manager, Investor Relations
CSolberg@c4therapeutics.com

Media:
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com

FAQ

What is the size of C4 Therapeutics (CCCC) inducement grant announced on October 28, 2024?

C4 Therapeutics announced an inducement grant of non-qualified stock options to purchase 345,600 shares of common stock.

What are the vesting terms for C4 Therapeutics (CCCC) October 2024 inducement grant?

The inducement grant vests over four years, with 25% vesting after the first year and the remainder vesting in 36 equal monthly installments, subject to continued employment.

When was C4 Therapeutics (CCCC) inducement grant approved and under what rule?

The inducement grant was approved on October 28, 2024, under Nasdaq Listing Rule 5635(c)(4) as a material inducement for employment.