Cullinan Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On August 1, 2022, Cullinan Oncology (Nasdaq: CGEM) announced the granting of stock option awards for 137,700 shares to four new employees as part of an inducement arrangement, complying with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $13.30, matching the closing stock price on the same day. Each option vests over four years, with the first 25% vesting after one year. This move aims to attract talent and incentivize performance within the company.

Positive

• Stock options granted to four new employees to attract talent.
• Options have a favorable exercise price of $13.30, aligning with market value.

Negative

• None.

CAMBRIDGE, Mass., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”) today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 137,700 shares of its common stock to four employees outside Cullinan Oncology, Inc’s 2021 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individuals entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).

Four employees received options to purchase an aggregate of 137,700 shares of Cullinan’s common stock on August 1, 2022 and have an exercise price of $13.30, which is equal to the closing price of Cullinan’s common stock on August 1, 2022. Each option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying each option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Cullinan through the applicable vesting dates.

About Cullinan Oncology
Cullinan Oncology, Inc. (NASDAQ: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients with cancer. We innovate without borders to find the most promising clinic-ready cancer therapies, whether from our own discovery efforts or through exceptional engagement with our academic and industry partners. Anchored in a deep understanding of immuno-oncology and translational cancer medicine, we leverage our scientific excellence in small molecules and biologics to create differentiated ideas, identify unique targets, and select the optimal modality to develop transformative therapeutics across cancer indications. Powered by our novel research model, we push conventional boundaries from candidate selection to cancer therapeutic, applying rigorous early experimentation to fast-track only the most promising assets to the clinic and ultimately commercialization. As a result, our diversified pipeline is strategically built with assets that activate the immune system or inhibit key oncogenic drivers across a wide range of modalities, each with the potential to be the best or first in their class.
Our people possess deep scientific expertise, seek innovation openly, and exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients with cancer. Learn more about our Company at www.cullinanoncology.com, and follow us on LinkedIn and Twitter.

Contacts
Investor Relations
Chad Messer
+1 203.464.8900
cmesser@cullinanoncology.com

Media
Rose Weldon
+1 215.801.7644
rweldon@cullinanoncology.com

FAQ

What recent action did Cullinan Oncology take regarding employee compensation?

Cullinan Oncology granted stock options to four new employees on August 1, 2022.

How many shares were involved in the stock option grants from Cullinan Oncology?

A total of 137,700 shares were involved in the stock option grants.

What is the exercise price for the stock options granted by Cullinan Oncology?

The exercise price for the granted stock options is $13.30.

What is the vesting period for the stock options granted by Cullinan Oncology?

The stock options vest over four years, with 25% vesting after the first year.