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

Rhea-AI Summary

Gritstone bio, Inc. (Nasdaq: GRTS) has granted nonqualified stock options to a new employee for 20,000 shares at an exercise price of $2.76, equating to the stock's closing price on April 3, 2023. This grant is in compliance with Nasdaq Listing Rule 5635(c)(4) and is an inducement material to hiring the new employee. The options will vest over four years, with 25% vesting on the first anniversary of employment and the remainder vesting monthly, contingent on continued employment. Gritstone bio is focused on developing potent vaccines to advance treatments for viral diseases and solid tumors, leveraging innovative technology to improve patient outcomes.

Positive

• Granting stock options reflects the company's commitment to attract talent.
• Stock options vesting structure incentivizes employee retention over four years.

Negative

• None.

EMERYVILLE, Calif., April 10, 2023 (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 Compensation Committee of the company’s Board of Directors granted one employee nonqualified stock options to purchase an aggregate of 20,000 shares of its common stock with an exercise price of $2.76, which is equal to the closing price of Gritstone’s common stock on April 3, 2023, the date of the grant. These stock options are part of an inducement material to the new employee 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 stock options did Gritstone bio grant on April 10, 2023?

Gritstone bio granted nonqualified stock options to purchase 20,000 shares at $2.76, the closing price on April 3, 2023.

What is the vesting schedule for Gritstone bio's stock options?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly.

How does the stock option grant affect Gritstone bio's employees?

The stock option grant is designed to incentivize the new employee and promote retention within the company.

What is the significance of the stock option grant for Gritstone bio?

This grant is part of Gritstone bio's strategy to attract and keep talent, aligning employee interests with company performance.