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

Rhea-AI Summary

G1 Therapeutics announced the grant of stock options and restricted stock units (RSUs) to a newly hired employee, totaling 10,000 shares of common stock and 6,600 RSUs. This grant adheres to Nasdaq Listing Rule 5635(c)(4), serving as an inducement for employment under the Amended and Restated 2021 Inducement Equity Incentive Plan. The stock options have a strike price of $14.71, vesting over four years, while RSUs vest 25% annually over four years. G1 Therapeutics focuses on cancer therapies, including its product COSELA®.

Positive

• Grant of stock options and RSUs to attract talent, supporting business growth.
• Stock options have a favorable strike price of $14.71, aligned with current market conditions.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Sept. 01, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 10,000 shares of G1’s common stock and 6,600 restricted stock units (RSUs) to one hired employee 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 $14.71 per share, the closing price of G1’s common stock on September 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 did G1 Therapeutics grant on September 1, 2022?

On September 1, 2022, G1 Therapeutics granted stock options for 10,000 shares and 6,600 RSUs to a newly hired employee.

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

The stock options vest over four years, with 25% vesting on the first anniversary of employment and the rest vesting monthly thereafter.

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

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

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

The stock options granted have a strike price of $14.71 per share.

What is G1 Therapeutics focusing on in its product development?

G1 Therapeutics focuses on developing next-generation therapies for cancer, including its commercial product, COSELA®.