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

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) announced the issuance of non-statutory stock options for 240,000 shares to newly hired employees. These options were granted on March 17, 2021, at an exercise price of $1.81 per share, matching the stock's closing price on that date. The options have a 10-year term and vest over four years, with 12.5% vesting after six months of employment. This grant complies with Nasdaq Listing Rule 5635(c)(4) and is part of Geron's 2018 Inducement Award Plan aimed at attracting new talent.

Positive

• Granting of 240,000 stock options can enhance employee retention and motivation.
• Options granted at a competitive exercise price of $1.81 promote alignment with shareholder interests.

Negative

• None.

Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 240,000 shares of Geron common stock as inducements to newly hired employees in connection with commencement of employment with the Company.

The stock options were granted on March 17, 2021 at an exercise price of $1.81 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock options have a 10-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. The options were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of the stock option agreements covering the grants and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018 and provides for the granting of stock options to new employees.

About Geron

Geron is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. The Company currently is conducting two Phase 3 clinical trials: IMerge in lower risk myelodysplastic syndromes and IMpactMF in refractory myelofibrosis. For more information about Geron, visit www.geron.com.

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FAQ

What did Geron announce on March 17, 2021?

Geron announced the granting of non-statutory stock options for 240,000 shares to newly hired employees.

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

The exercise price for the stock options is $1.81 per share.

How long is the term for the stock options granted by Geron?

The stock options have a 10-year term.

What is the vesting schedule for the stock options at Geron?

The options vest over four years, with 12.5% vesting after six months and the remainder in equal installments over the following 42 months.

Why were the stock options granted to employees?

The stock options were granted as material inducements to employment, in accordance with Nasdaq rules.