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Forma Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX) has granted non-qualified stock options and restricted stock units (RSUs) to Agustín Melián, M.D. and Linea Aspesi as part of their inducement agreements. Dr. Melián received options for 118,000 shares and RSUs for 79,000 shares, while Ms. Aspesi received options for 59,000 shares and RSUs for 39,000 shares. The stock options have an exercise price of $8.20 per share and will vest over four years. These grants were issued as a condition of their employment, effective July 11, 2022.
Positive
Inducement grants signal confidence in leadership, potentially boosting company performance.
The exercise price of $8.20 is aligned with recent stock performance, indicating sound financial planning.
Negative
None.
WATERTOWN, Mass.--(BUSINESS WIRE)--
Forma Therapeutics Holdings, Inc. (Nasdaq: FMTX), a clinical-stage biopharmaceutical company focused on sickle cell disease, prostate cancer and other rare hematologic diseases and cancers, today announced that its Board of Directors granted to Agustín Melián, M.D. and Linea Aspesi non-qualified stock options of 118,000 and 59,000 shares, respectively, of its common stock pursuant to Inducement Non-Qualified Stock Option Agreements (the “Stock Options”) and 79,000 and 39,000 restricted stock units, respectively, pursuant to Inducement Restricted Stock Unit Agreements (the “RSUs,” and together with the Stock Options, the “Inducement Grants”). On June 30, 2022, Forma announced the appointment of Dr. Melián as Executive Vice President, Head of Research and Development and of Ms. Aspesi as Senior Vice President, Chief Human Resources Officer, both effective as of July 11, 2022.
The Inducement Grants were granted on July 11, 2022. The Inducement Grants were issued outside of Forma Therapeutics’ stockholder-approved equity incentive plan, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to Dr. Melián and Ms. Aspesi entering into employment with Forma. The Stock Options have an exercise price of $8.20 per share, the closing price of Forma Therapeutics’ common stock on July 11, 2022, and will vest over a period of four years, with 25% of the shares underlying such option vesting on the first anniversary of the grant date and the remaining 75% vesting in thirty-six equal monthly installments thereafter. The RSUs will vest over a period of four years, with 25% of the RSUs vesting on the first anniversary of the grant date and an additional 25% of the RSUs vesting annually on each anniversary of the grant date thereafter. The Inducement Grants are subject to the terms and conditions of the forms of award agreement covering each grant.
About Forma Therapeutics
Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Our R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create drug candidates with differentiated mechanisms of action focused on indications with high unmet need. Our work has generated a broad proprietary portfolio of programs with the potential to provide profound patient benefit. For more information, please visit www.FormaTherapeutics.com or follow us on Twitter @FORMAInc and LinkedIn.
What stock options were granted by Forma Therapeutics to its executives?
Forma Therapeutics granted Agustín Melián options for 118,000 shares and Linea Aspesi options for 59,000 shares.
What is the exercise price of the stock options granted by Forma Therapeutics?
The exercise price of the stock options is $8.20 per share.
When were the stock options granted to the executives of Forma Therapeutics?
The stock options were granted on July 11, 2022.
What is the vesting schedule for the stock options granted to Forma Therapeutics executives?
The stock options will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in thirty-six equal monthly installments.
What type of grants were given to Agustín Melián and Linea Aspesi by Forma Therapeutics?
They received non-qualified stock options and restricted stock units (RSUs) as inducement grants.
