Gritstone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Gritstone bio, Inc. (Nasdaq: GRTS) announced that its Board of Directors has granted nonqualified stock options to five new employees, allowing them to purchase 46,950 shares at an exercise price of $2.69, equivalent to the stock's closing price on December 6, 2022. These options are part of an inducement for employment and will vest over four years, with a fourth of them vesting after one year. This decision aligns with Nasdaq Listing Rule 5635(c)(4) and the company’s 2021 Employment Inducement Incentive Award Plan.

Positive

• Issuance of stock options demonstrates commitment to attracting talent.
• Stock options are standard practice to incentivize employees and align their interests with shareholders.

Negative

• None.

EMERYVILLE, Calif., Dec. 15, 2022 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, today announced that the company’s Board of Directors granted five employees nonqualified stock options to purchase an aggregate of 46,950 shares of its common stock with an exercise price of $2.69, which is equal to the closing price of Gritstone’s common stock on December 6, 2022, the date of the grant. These stock options are part of an inducement material to each of the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The stock options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.

About Gritstone bio
Gritstone bio, Inc. (Nasdaq: GRTS) is a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines. We leverage our innovative vectors and payloads to train multiple arms of the immune system to attack critical disease targets. Independently and with our collaborators, we are advancing a portfolio of product candidates to treat and prevent viral diseases and solid tumors in pursuit of improving patient outcomes and eliminating disease. www.gritstonebio.com

Gritstone Contacts
Investors:
George E. MacDougall
Director, Investor Relations & Corp Comms
Gritstone bio, Inc.
ir@gritstone.com

Media:
Dan Budwick
1AB
(973) 271-6085
dan@1abmedia.com

FAQ

What recent stock options were granted by Gritstone bio (GRTS)?

Gritstone bio granted nonqualified stock options to purchase 46,950 shares at an exercise price of $2.69.

When will the stock options for Gritstone bio employees vest?

The stock options will vest over four years, with 25% vesting on the first anniversary of hire.

What is the significance of the stock options granted by Gritstone bio?

The stock options are part of an inducement to attract new employees, aligning their interests with those of shareholders.