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

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) has granted non-statutory stock options for an aggregate of 327,400 shares to new hires, effective May 18, 2022. The options have an exercise price of $1.30 per share and a 10-year term, vesting over four years. This grant aligns with Nasdaq Listing Rule 5635(c)(4). Geron is engaged in developing imetelstat, a first-in-class telomerase inhibitor, currently in two Phase 3 trials: IMerge and IMpactMF, targeting hematologic malignancies.

Positive

• Grant of 327,400 stock options to attract new talent.
• Stock options priced at $1.30, aligning with the market value.
• Long-term incentivization with a 10-year option term.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 327,400 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 May 18, 2022 at an exercise price of $1.30 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 for the respective employees 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 inducement 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 malignancies. The Company currently is conducting two Phase 3 clinical trials: IMerge in lower risk myelodysplastic syndromes and IMpactMF in refractory myelofibrosis.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005359/en/

Aron Feingold

Investor and Media Relations

investor@geron.com

media@geron.com

Source: Geron Corporation

FAQ

What is the stock option grant by Geron Corporation (GERN)?

Geron Corporation granted 327,400 stock options to new hires at an exercise price of $1.30 per share.

When were the stock options granted by Geron Corporation?

The stock options were granted on May 18, 2022.

What are the vesting terms for the stock options granted by Geron (GERN)?

The options vest over four years, with 12.5% vesting at the six-month mark and the remainder vesting in equal installments over 42 months.

What is Geron Corporation's (GERN) focus in biopharmaceutical development?

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

What clinical trials is Geron Corporation (GERN) currently conducting?

Geron is conducting two Phase 3 trials: IMerge for lower-risk myelodysplastic syndromes and IMpactMF for refractory myelofibrosis.