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GlycoMimetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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GlycoMimetics, Inc. (NASDAQ:GLYC) announced the grant of a non-qualified stock option award for 150,000 shares to Chinmaya Rath, the new Senior Vice President and Chief Business Officer, approved by the Compensation Committee on February 10, 2023. The award serves as an inducement for employment outside the Company’s Amended and Restated 2013 Equity Incentive Plan, compliant with NASDAQ Listing Rule 5635(c)(4). The options vest over four years, starting with 25% on February 10, 2024, and carry an exercise price of $3.48, reflecting the closing stock price on the grant date.

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  • New Senior VP and Chief Business Officer appointed, indicating potential growth.
  • Stock option award may enhance employee motivation and retention.
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ROCKVILLE, Md.--(BUSINESS WIRE)-- GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today announced that the Compensation Committee of the Company’s Board of Directors approved the grant on February 10, 2023 of a non-qualified stock option award to purchase an aggregate of 150,000 shares to Chinmaya Rath, the Company’s new Senior Vice President and Chief Business Officer. The award was granted as an inducement equity award outside of the Company’s Amended and Restated 2013 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4) and was made as an inducement material to the acceptance of employment with the Company by the new employee.

The award was comprised of an option to purchase 150,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to vesting as to 25% of the underlying shares on February 10, 2024, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $3.48 per share, the closing price of the Common Stock on the date of grant, and is subject to the terms and conditions of a stock option agreement and the GlycoMimetics, Inc. Inducement Plan (adopted January 22, 2020 and amended on August 2, 2021 and January 21, 2022), which provides for the granting of stock options and other equity awards to new employees.

About GlycoMimetics, Inc.

GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases with high unmet needs. The Company’s science is based on an understanding of the role that carbohydrates play in cell recognition and its specialized chemistry platform to discover small molecule drugs, known as glycomimetics, which alter carbohydrate-mediated recognition in diverse disease states, including cancer and inflammation. As a leader in this science, GlycoMimetics leverages this unique approach to advance its pipeline of wholly-owned drug candidates, with the goal of developing transformative therapies for diseases with high unmet need. GlycoMimetics is headquartered in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.

Investor Contact:

Argot Partners

Leo Vartorella / Carrie McKim

212-600-1902

Glycomimetics@argotpartners.com

Source: GlycoMimetics, Inc.

FAQ

What stock option award did GlycoMimetics grant to Chinmaya Rath?

GlycoMimetics granted a non-qualified stock option award for 150,000 shares to Chinmaya Rath.

When was the stock option award approved for GlycoMimetics?

The stock option award was approved on February 10, 2023.

What is the exercise price of the stock options granted by GlycoMimetics?

The exercise price is $3.48 per share.

How will the stock options vest for Chinmaya Rath at GlycoMimetics?

The options vest 25% on February 10, 2024, and the remaining shares vest in equal monthly installments over 36 months.

What rule allows GlycoMimetics to grant stock options outside its equity plan?

NASDAQ Listing Rule 5635(c)(4) allows this type of inducement equity award.

GlycoMimetics, Inc.

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Biotechnology
Pharmaceutical Preparations
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United States of America
ROCKVILLE