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 46,300 shares to eight new employees under its 2021 Inducement Equity Incentive Plan. This aligns with Nasdaq Listing Rule 5635(c)(4) and is aimed at attracting individuals who were not previously employed by the company. The stock options have an exercise price of $23.72 per share, reflecting the closing price on the grant date of April 1, 2021. Each option has a ten-year term and vests over four years, contingent on continued service.

Positive

• Grant of stock options to attract new talent, supporting employee retention and growth.
• Stock options exercisable at $23.72, aligned with the current market price.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., April 02, 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 46,300 shares of G1’s common stock to eight 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 $23.72 per share, the closing price of G1’s common stock on April 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 discovery, development and delivery 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 evaluating targeted cancer therapies 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 was announced by G1 Therapeutics on April 2, 2021?

G1 Therapeutics announced the grant of inducement stock options for 46,300 shares to eight new employees.

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

The stock options are exercisable at a price of $23.72 per share.

How long is the vesting period for the stock options at G1 Therapeutics?

The stock options vest over four years, with 25% vesting on the first anniversary.

What is the purpose of G1 Therapeutics' 2021 Inducement Equity Incentive Plan?

The plan is designed to grant equity awards as an inducement for new employees.