CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CTI BioPharma Corp. (NASDAQ: CTIC) announced on November 9, 2021 that its Board of Directors granted equity inducement awards to two new employees. The awards, totaling 12,000 shares of common stock, are outside the Amended and Restated 2017 Equity Incentive Plan but comply with its terms. The stock options will vest annually over four years, subject to continued employment, with a ten-year term. This move aligns with Nasdaq Listing Rule 5635(c)(4) and highlights the company's focus on attracting talent critical to its operations in developing therapies for blood-related cancers.
- Grant of equity inducement awards to attract talent essential for business development.
- Total of 12,000 stock options granted, enhancing employee incentive and retention.
- None.
SEATTLE, Nov. 9, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that an authorized subcommittee of the Compensation Committee of its Board of Directors granted equity awards to two new employees as equity inducement awards outside of the Company's Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employees' acceptance of employment with the company. The equity awards were approved on November 9, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received options to purchase an aggregate of 12,000 shares of CTI BioPharma common stock. The options will be issued upon each employee's grant date (the "Grant Date"), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective Grant Date. One-fourth of the options will vest on each anniversary of the employee's Grant Date, subject to the employee's continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.
About CTI BioPharma Corp.
We are a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. We concentrate our efforts on treatments that target blood-related cancers where there is an unmet medical need. In particular, we are focused on developing and commercializing pacritinib, our product candidate currently in active late-stage development. We are headquartered in Seattle, Washington.
CTI BioPharma Investor Contacts:
Argot Partners
+212-600-1902
cti@argotpartners.com
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SOURCE CTI BioPharma Corp.
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