G1 Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

G1 Therapeutics, Inc. (Nasdaq: GTHX) announced the grant of stock options totaling 320,600 shares to 31 employees on February 1, 2022. This includes 166,700 shares under the 2021 Inducement Equity Incentive Plan and 153,900 shares under the 2021 Sales Force Inducement Equity Incentive Plan. The options are granted at an exercise price of $10.34 per share, the closing price on the grant date. They vest over four years, beginning with a 25% vesting on the first anniversary. This move aims to attract talent and incentivize new employees, conforming to Nasdaq Listing Rule 5635.

Positive

• Grant of 320,600 stock options to attract and retain talent.
• Options exercisable at $10.34, aligning with market price, providing a competitive incentive.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Feb. 01, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for an aggregate of 166,700 shares of G1’s common stock to eight employees under the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan (the “Inducement Plan”), and an aggregate of 153,900 shares of G1’s common stock to 23 employees under the previously-announced G1 Therapeutics, Inc. 2021 Sales Force Inducement Equity Incentive Plan (“Sales Force Inducement Plan”). The stock options were granted as an inducement material to the new employee’s becoming an employee of G1 in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Plan and the Sales Force Inducement Plan are used exclusively for the grant of equity awards to individuals who were not previously employees of G1 (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with G1, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The stock options are exercisable at a price of $10.34 per share, the closing price of G1’s common stock on February 1, 2022, the grant date. Each stock option has up to a ten-year term and vests over four years, with 25% of the award vesting on the first anniversary of the employee’s employment, and as to an additional 1/48th of the shares monthly thereafter, subject to continued service through the applicable vesting dates (subject to the terms and conditions of the stock option agreement covering the grant). The stock options are subject to the terms and conditions of the Inducement Plan.

About G1 Therapeutics
G1 Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of next generation therapies that improve the lives of those affected by cancer, including the Company’s first commercial product, COSELA™ (trilaciclib). G1 has a deep clinical pipeline and is executing a tumor-agnostic development plan evaluating COSELA in a variety of solid tumors, including colorectal, breast, lung, and bladder cancers. G1 Therapeutics is based in Research Triangle Park, N.C. For additional information, please visit www.g1therapeutics.com and follow us on Twitter @G1Therapeutics.

G1 Therapeutics™ and the G1 Therapeutics logo are trademarks of G1 Therapeutics, Inc.

Contact:

Will Roberts
G1 Therapeutics, Inc.
Vice President, Investor Relations and Corporate Communications
(919) 907-1944
wroberts@g1therapeutics.com

FAQ

What are the details of G1 Therapeutics' stock option grants?

G1 Therapeutics granted 320,600 stock options on February 1, 2022, to 31 employees, with an exercise price of $10.34 per share.

What is the purpose of G1 Therapeutics' stock options under the Inducement Plan?

The stock options serve as an inducement for new employees to join G1 Therapeutics, per Nasdaq Listing Rule 5635.

How long is the vesting period for G1 Therapeutics' stock options?

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