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

Rhea-AI Summary

G1 Therapeutics, Inc. (GTHX) announced the grant of inducement stock options for 62,100 shares to six new employees on October 1, 2021. These options, part of the Inducement Plan compliant with Nasdaq Listing Rule 5635(c)(4), are priced at $13.57 per share, aligning with the closing stock price on the grant date. The options vest over four years, beginning with 25% after the first anniversary and then monthly. G1 Therapeutics is focused on next-generation cancer therapies, including its product COSELA, and has a robust pipeline targeting various solid tumors.

Positive

• Granting of 62,100 stock options may enhance employee retention and motivation.
• The stock options are priced at $13.57, aligning with the market value on the grant date.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Oct. 01, 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 62,100 shares of G1’s common stock to six 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 $13.57 per share, the closing price of G1’s common stock on October 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 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 is the significance of G1 Therapeutics' recent stock option grant?

G1 Therapeutics granted stock options to incentivize new employees, which may lead to enhanced employee engagement and retention.

How many shares were granted in the stock option plan by G1 Therapeutics?

G1 Therapeutics announced the grant of inducement stock options for 62,100 shares.

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

The stock options are exercisable at a price of $13.57 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 the Inducement Plan at G1 Therapeutics?

The Inducement Plan is used to grant equity awards to new employees as an incentive for joining the company.