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

Rhea-AI Summary

Geron Corporation (NASDAQ: GERN) announced the grant of non-statutory stock options for 640,550 shares of common stock to new employees. The stock options were issued on February 15, 2023, at an exercise price of $2.69 per share, matching Geron's closing price on that date. Of the options, 595,800 shares will vest over four years, while 44,750 shares are contingent on achieving specific regulatory milestones. This grant complies with Nasdaq Listing Rule 5635(c)(4) and is part of Geron's 2018 Inducement Award Plan. The company focuses on therapies for hematologic malignancies.

Positive

• Granting stock options may enhance employee retention and motivation.
• Inducement options reflect Geron's commitment to attracting talent.

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 640,550 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 15, 2023 at an exercise price of $2.69 per share, which is equal to the closing price of Geron common stock on the date of grant. Stock options representing an aggregate of 595,800 shares 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. Stock options representing an aggregate of 44,750 shares have a 10-year term and vest in full upon achievement of certain regulatory milestones, subject to continued employment with Geron through the applicable vesting dates. All of the stock 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 biopharmaceutical company pursuing therapies with the potential to extend and enrich the lives of patients living with hematologic malignancies. Our first-in-class telomerase inhibitor, imetelstat, harnesses Nobel Prize-winning science in a treatment that may alter the underlying drivers of disease. Geron currently has two Phase 3 pivotal clinical trials underway evaluating imetelstat in lower risk myelodysplastic syndromes (LR MDS), and in relapsed/refractory myelofibrosis (MF). To learn more, visit www.geron.com or follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005779/en/

Aron Feingold

Investor and Media Relations

investor@geron.com

media@geron.com

Source: Geron Corporation

FAQ

What does the recent Geron Corporation press release announce?

Geron Corporation announced the grant of non-statutory stock options for 640,550 shares to new employees.

When were the stock options granted by Geron Corporation?

The stock options were granted on February 15, 2023.

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

The exercise price for the stock options is $2.69 per share.

What is the vesting schedule for the stock options granted by Geron Corporation?

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

What are the regulatory milestones related to Geron's stock options?

The stock options for 44,750 shares vest in full upon achieving certain regulatory milestones.