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

Rhea-AI Summary

On October 3, 2022, G1 Therapeutics (GTHX) granted inducement stock options for 44,300 shares and 29,400 RSUs to three new employees under the Amended and Restated 2021 Plan. The options are exercisable at $12.41 per share, the closing price on the grant date. The awards incentivize new hires and comply with Nasdaq Listing Rule 5635(c)(4). The company is focused on developing therapies to improve cancer treatment, with a commercial product, COSELA®, and a robust clinical pipeline targeting several solid tumors.

Positive

• Inducement stock options and RSUs granted to three new employees to attract talent.
• Options priced at $12.41, aligning with the market closing value, ensuring fair compensation.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Oct. 03, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 44,300 shares of G1’s common stock and 29,400 restricted stock units (RSUs) to three 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 $12.41 per share, the closing price of G1’s common stock on October 3, 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 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 trilaciclib 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® and the COSELA 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 stock options did G1 Therapeutics grant on October 3, 2022?

G1 Therapeutics granted inducement stock options for 44,300 shares and 29,400 restricted stock units (RSUs) to three new employees.

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

The stock options are exercisable at $12.41 per share, the closing price on the grant date of October 3, 2022.

What is the purpose of the Amended and Restated 2021 Plan by G1 Therapeutics?

The Amended and Restated 2021 Plan is used to grant equity awards to new hires as an inducement for employment.

Which regulatory rule governs the stock options granted by G1 Therapeutics?

The stock options granted are in accordance with Nasdaq Listing Rule 5635(c)(4).

What focus does G1 Therapeutics have in its business operations?

G1 Therapeutics is focused on developing and commercializing therapies for cancer treatment, including its product COSELA®.