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

Rhea-AI Summary

G1 Therapeutics (GTHX) announced the issuance of inducement stock options for 25,800 shares and 11,200 restricted stock units (RSUs) to four new employees, under the Amended and Restated 2021 Inducement Equity Incentive Plan. Each stock option is priced at $8.02, which was the closing price on the grant date, and they vest over four years. The plan allows G1 to grant equity awards to new employees as an incentive, enhancing recruitment efforts in the competitive oncology sector.

Positive

• Issuance of 25,800 stock options and 11,200 RSUs enhances employee recruitment.
• Stock options priced at $8.02 align with market value, promoting investment in human capital.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., April 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 25,800 shares of G1’s common stock and an aggregate of 11,200 restricted stock units (RSUs) to four hired employees under the Amended and Restated G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan (the “Amended and Restated 2021 Plan”). These equity awards 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 Amended and Restated 2021 Plan is 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 $8.02 per share, the closing price of G1’s common stock on April 1, 2022, the grant date. The stock options have up to a ten-year term and vest 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 RSUs have a four-year term, with 25% of the award vesting on the first anniversary of the grant date, and the remainder vesting 12.5% semi-annually over the remaining three years, subject to continued service through the applicable vesting dates (subject to the terms and conditions of the RSU agreement covering the grant). The stock options and RSUs are subject to the terms and conditions of the Amended and Restated 2021 Plan.

About the G1 Therapeutics, Inc. Amended and Restated 2021 Inducement Equity Incentive Plan
On February 23, 2021, G1’s Board of Directors adopted the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan in order to allow G1 to grant nonqualified stock options, restricted stock units and other equity awards without stockholder approval to new employees as an inducement material to the new employees’ acceptance of employment with G1 in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules. G1 reserved an aggregate of 500,000 shares of G1’s common stock for issuance under this plan. On September 9, 2021, G1’s Board of Directors adopted the G1 Therapeutics, Inc. 2021 Sales Force Inducement Equity Incentive Plan in order to allow G1 to grant nonqualified stock options, restricted stock units and other equity awards without stockholder approval to sales force individuals and support staff that were not previously employees or directors of G1, as an inducement material to such individuals acceptance of employment with G1 in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules. G1 reserved an aggregate of 500,000 shares of the G1’s common stock for issuance under this plan. On March 10, 2022, upon approval of G1’s Board of Directors, G1 merged the G1 Therapeutics, Inc. 2021 Sales Force Inducement Equity Incentive Plan into the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan and amended and restated the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan to create the Amended and Restated 2021 Plan. The Amended and Restated 2021 Plan was approved by the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4). In addition, the number of shares reserved for issuance under the Amended and Restated 2021 Plan was increased by 750,000 shares of G1’s common stock, for an aggregate of 1,750,000 shares of G1’s common stock authorized to issue under Amended and Restated 2021 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 and COSELA™ 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 recent stock option grant by G1 Therapeutics?

G1 Therapeutics granted stock options for 25,800 shares and 11,200 RSUs to four new employees.

What is the exercise price of the stock options granted by G1 Therapeutics?

The stock options are exercisable at a price of $8.02 per share.

How long is the term for stock options granted by G1 Therapeutics?

The stock options have a term of up to ten years.

What is the vesting schedule for the RSUs granted by G1 Therapeutics?

RSUs vest 25% on the first anniversary and 12.5% semi-annually thereafter over three years.

What is the purpose of the Amended and Restated 2021 Inducement Equity Incentive Plan?

It allows G1 to grant equity awards to new hires as an inducement for employment.