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Geron Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Geron Corporation (NASDAQ: GERN) announced the granting of non-statutory stock options for 80,000 shares to new employees as an inducement to join the company. These options were issued on October 20, 2021, at an exercise price of $1.45 per share, matching the closing stock price on that date. The options have a 10-year term and will vest over four years. Geron is focused on developing a telomerase inhibitor, imetelstat, currently in two Phase 3 clinical trials for myeloid hematologic malignancies.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 80,000 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 October 20, 2021 at an exercise price of $1.45 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 myeloid hematologic 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.
What stock options were granted by Geron Corporation on October 20, 2021?
Geron Corporation granted non-statutory stock options to purchase 80,000 shares of common stock at an exercise price of $1.45 per share.
How long is the term for the stock options granted by Geron?
The stock options have a term of 10 years.
What is the vesting schedule for the stock options granted by Geron?
The stock options vest over four years, with 12.5% vesting after six months and the remainder vesting in equal installments over the following 42 months.
What is Geron Corporation focused on developing?
Geron Corporation is focused on developing a first-in-class telomerase inhibitor, imetelstat, for myeloid hematologic malignancies.
What clinical trials is Geron currently conducting?
Geron is conducting two Phase 3 clinical trials: IMerge for lower risk myelodysplastic syndromes and IMpactMF for refractory myelofibrosis.
