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

Rhea-AI Summary

G1 Therapeutics, Inc. (Nasdaq: GTHX) announced the grant of stock options and restricted stock units (RSUs) to four new employees under its Sales Force Inducement Equity Incentive Plan. The inducement comprises 10,800 shares of stock options and 8,800 RSUs, aimed at attracting talent. The stock options are exercisable at $10.05 per share, the closing price on the grant date, March 1, 2022. Each stock option has a ten-year term with a four-year vesting schedule. G1 Therapeutics continues to focus on developing therapies for cancer treatment, including its first product, COSELA™.

Positive

• Issuance of stock options and RSUs to attract new employees, potentially enhancing workforce expertise.
• Stock options exercisable at $10.05, aligning compensation with shareholder interests.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., March 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 10,800 shares of G1’s common stock and an aggregate of 8,800 restricted stock units (RSUs) to four hired employees under the G1 Therapeutics, Inc. 2021 Sales Force Inducement Equity Incentive Plan (“Sales Force Inducement 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 Inducement Plan and the Sales Force Inducement Plan are 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 $10.05 per share, the closing price of G1’s common stock on March 1, 2022, 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 RSUs have a four-year term, with 25% of the award vesting on the first anniversary of the employee’s employment, and the remainder vesting 12.5% semi-annually over the remaining three years. The stock options and RSUs are subject to the terms and conditions of the Sales Force 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 stock options were granted by G1 Therapeutics on March 1, 2022?

On March 1, 2022, G1 Therapeutics granted stock options for an aggregate of 10,800 shares and 8,800 restricted stock units (RSUs) to four new employees.

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

The stock options granted by G1 Therapeutics are exercisable at a price of $10.05 per share.

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

The stock options have a four-year vesting schedule, with 25% vesting on the first anniversary and the remainder vesting monthly thereafter.

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

The Sales Force Inducement Equity Incentive Plan is designed to grant equity awards to new employees, incentivizing them to join the company.

How does G1 Therapeutics plan to use the new hires?

The new hires are intended to enhance G1 Therapeutics' sales force and overall operational capabilities in the oncology sector.