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

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) has granted non-statutory stock options totaling 431,600 shares to newly hired employees as part of their employment incentives. The options, issued on February 17, 2021, have an exercise price of $1.99 per share, aligning with Geron's closing stock price on the grant date. The vesting period is set over four years, beginning with 12.5% at six months, followed by equal installments thereafter. This grant adheres to Nasdaq rules and is part of Geron's 2018 Inducement Award Plan.

Geron focuses on developing imetelstat, a telomerase inhibitor, in hematologic malignancies.

Positive

• Granting stock options could enhance employee retention and motivation.
• The issuance reflects ongoing recruitment efforts, important for business growth.

Negative

• None.

Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 431,600 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 February 17, 2021 at an exercise price of $1.99 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005904/en/

FAQ

What stock options did Geron grant on February 17, 2021?

Geron granted non-statutory stock options to purchase an aggregate of 431,600 shares at an exercise price of $1.99 per share.

How long is the vesting period for Geron's stock options?

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

What is the purpose of the stock options granted by Geron?

The stock options were granted as inducements for newly hired employees to enhance retention and motivation.

What is Geron Corporation's stock symbol?

The stock symbol for Geron Corporation is GERN.

What is Geron Corporation focused on developing?

Geron is focused on developing imetelstat, a first-in-class telomerase inhibitor for hematologic myeloid malignancies.