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

Rhea-AI Summary

Chimerix (CMRX) granted inducement awards to new employees in the form of stock options under Nasdaq Listing Rule 5635(c)(4). The awards total 223,000 shares of common stock with a 10-year term and vesting over four years. The options were granted at the closing trading price on the grant date.

DURHAM, N.C., April 16, 2024 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX) today announced that on April 10, 2024, the Compensation Committee of Chimerix’s Board of Directors granted inducement awards to four new employees of non-statutory stock options to purchase up to a total of 223,000 shares of Chimerix’s common stock. The Compensation Committee of Chimerix’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing rule 5635(c)(4).

The stock options have an exercise price per share equal to Chimerix’s closing trading price as of the grant date. The stock options have a 10-year term and will vest over four years, with one-fourth vesting on the one-year anniversary of the date of hire and the remaining three-fourths vesting over the following three years in equal monthly installments. The stock options are subject to the terms of Chimerix’s 2013 Equity Incentive Plan but were granted outside of the 2013 Equity Incentive Plan.

Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma.

CONTACTS:

Will O’Connor
Stern Investor Relations
212-362-1200
ir@chimerix.com
will@sternir.com

 

FAQ

How many shares of Chimerix's common stock were granted to new employees?

Chimerix granted a total of 223,000 shares of common stock to new employees.

What is the term of the stock options granted to new employees?

The stock options granted to new employees have a 10-year term.

How will the stock options granted to new employees vest?

The stock options will vest over four years, with one-fourth vesting on the one-year anniversary of the date of hire and the remaining three-fourths vesting over the following three years in equal monthly installments.

What is the exercise price per share of the stock options granted to new employees?

The stock options have an exercise price per share equal to Chimerix's closing trading price as of the grant date.

What is the purpose of granting these stock options to new employees?

The stock options were granted as an inducement material to the new employees' employment in accordance with Nasdaq Listing rule 5635(c)(4).