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

Rhea-AI Summary

On May 2, 2022, Cullinan Oncology (CGEM) granted stock options for 207,000 shares to two new employees outside its 2021 Stock Option and Incentive Plan. The options, exercisable at $10.53 per share, correspond to the stock's closing price on the grant date. Each option has a ten-year term and vests over four years, with 25% vesting after one year and the remainder in equal installments monthly over three years. This initiative follows Nasdaq Listing Rule 5635(c)(4) and aims to attract talent in the competitive biopharmaceutical industry.

Positive

• Granting of 207,000 stock options to attract new talent demonstrates strategic growth plans.
• Options at closing price indicate confidence in the current stock valuation.

Negative

• None.

CAMBRIDGE, Mass., May 02, 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 207,000 shares of its common stock to two 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).

Two employees received options to purchase an aggregate of 207,000 shares of Cullinan’s common stock on May 2, 2022 and have an exercise price of $10.53, which is equal to the closing price of Cullinan’s common stock on May 2, 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 was announced by Cullinan Oncology on May 2, 2022 regarding stock options?

Cullinan Oncology announced the granting of stock options for 207,000 shares to two employees.

What is the exercise price for the stock options granted by CGEM?

The exercise price for the stock options is $10.53, equal to the closing price on the grant date.

How long is the term for the stock options granted by Cullinan Oncology?

Each stock option has a term of ten years and vests over four years.

What is Nasdaq's role in Cullinan's stock option grants?

The stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4) to induce employment.

How does the stock option structure benefit Cullinan Oncology?

The stock option structure helps Cullinan attract and retain talent in the competitive biopharmaceutical sector.