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

Rhea-AI Summary

G1 Therapeutics (GTHX) announced the grant of inducement stock options for a total of 44,200 shares to five new employees as part of its 2021 Inducement Equity Incentive Plan. These options are exercisable at $21.93 per share, the closing price on the grant date of June 1, 2021. Each option vests over four years, with 25% vesting after the first year. The plan is designed to attract new talent by granting equity awards to individuals who were not previously employed by G1, in compliance with Nasdaq rules.

Positive

• Granting of 44,200 stock options to incentivize new employees aligns with growth strategy.
• Stock options priced at $21.93 reflect a proactive approach to attract talent.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., June 04, 2021 (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 44,200 shares of G1’s common stock to five employees under the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan (the “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 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 $21.93 per share, the closing price of G1’s common stock on June 1, 2021, 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 did G1 Therapeutics announce on June 4, 2021?

G1 Therapeutics announced the grant of inducement stock options for 44,200 shares to five new employees.

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

The stock options are exercisable at $21.93 per share.

What is the vesting schedule for the stock options given by G1 Therapeutics?

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

What is the purpose of the Inducement Equity Incentive Plan by G1 Therapeutics?

The Inducement Plan is to grant equity awards to new employees as an incentive to join the company.