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

Rhea-AI Summary

G1 Therapeutics, Inc. (GTHX) announced on December 1, 2022, the grant of stock options for 14,400 shares and 9,400 restricted stock units (RSUs) to five new employees under its Amended and Restated 2021 Plan. These equity awards are part of the company's strategy to attract talent and comply with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $5.85 per share and a ten-year term, vesting over four years. RSUs will vest over four years as well, starting with 25% on the first anniversary.

Positive

• Equity awards granted to attract five new employees, which may enhance company growth.
• Stock options and RSUs structured to incentivize long-term employee retention.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Dec. 01, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 14,400 shares of G1’s common stock and 9,400 restricted stock units (RSUs) to five 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 $5.85 per share, the closing price of G1’s common stock on December 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 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 were granted by G1 Therapeutics on December 1, 2022?

On December 1, 2022, G1 Therapeutics granted stock options for 14,400 shares and 9,400 restricted stock units to five new employees.

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

The exercise price of the stock options granted by G1 Therapeutics is $5.85 per share.

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

The RSUs granted by G1 Therapeutics vest 25% on the first anniversary and 12.5% semi-annually over the following three years.

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

The Amended and Restated 2021 Plan is designed for granting equity awards to new employees as an inducement for joining the company.