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

Rhea-AI Summary

On January 3, 2022, G1 Therapeutics (GTHX) announced the grant of stock options totaling 65,200 shares to ten new employees as part of their Inducement Equity Incentive Plan. These stock options are intended to incentivize new hires, with an exercise price of $10.69 per share, equivalent to the company’s closing stock price on the grant date. Vesting occurs over four years, starting with 25% after one year of employment. G1 Therapeutics specializes in oncology treatments, including its commercial product COSELA™ and various clinical trials targeting multiple solid tumors.

Positive

• Granting stock options to new employees may enhance talent acquisition and retention.
• The exercise price of $10.69 corresponds to the market value at the time of the grant.
• Stock options vest over four years, aligning employee incentives with company performance.

Negative

• No immediate financial metrics or performance data were provided in the announcement.

RESEARCH TRIANGLE PARK, N.C., Jan. 03, 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 15,000 shares of G1’s common stock to three employees under the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan (the “Inducement Plan”), and an aggregate of 50,200 shares of G1’s common stock to seven 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 $10.69 per share, the closing price of G1’s common stock on January 3, 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 is the purpose of the stock options granted by G1 Therapeutics?

The stock options are granted as an inducement for new hires to join G1 Therapeutics.

How many shares were granted in the stock options by G1 Therapeutics?

A total of 65,200 shares were granted to ten new employees.

What is the exercise price of the stock options for GTHX?

The exercise price is $10.69 per share.

How long do the stock options last for employees at G1 Therapeutics?

The stock options have a term of up to ten years with a four-year vesting schedule.

When was the stock options announcement made by G1 Therapeutics?

The announcement was made on January 3, 2022.