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

Rhea-AI Summary

G1 Therapeutics, Inc. (GTHX) announced the grant of 61,600 stock options to a new employee under its 2021 Inducement Equity Incentive Plans. The options include 13,000 shares from the Inducement Plan and 48,600 shares from the Sales Force Inducement Plan, aimed at attracting new talent. The options are granted at an exercise price of $15.17 per share, with a ten-year term and a four-year vesting schedule. This initiative aligns with Nasdaq Listing Rule 5635(c)(4), reinforcing G1's commitment to enhancing its workforce amid its commercial endeavors in oncology.

Positive

• Strategic hiring initiative to attract new talent with stock options.
• Stock options granted may motivate employees and encourage long-term commitment.
• Exercise price set at $15.17, reflecting the company's market value.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Nov. 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 13,000 shares of G1’s common stock to one employee under the G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan (the “Inducement Plan”), and an aggregate of 48,600 shares of G1’s common stock to one employee under the previously-announced G1 Therapeutics, Inc. 2021 Sales Force Inducement Equity Incentive Plan (“Sales Force 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 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 $15.17 per share, the closing price of G1’s common stock on November 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 stock options were granted by G1 Therapeutics on November 1, 2021?

G1 Therapeutics granted a total of 61,600 stock options to a new employee, including 13,000 shares from the Inducement Plan and 48,600 shares from the Sales Force Inducement Plan.

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

The stock options are exercisable at a price of $15.17 per share.

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 and the remainder vesting monthly.

What does Nasdaq Listing Rule 5635(c)(4) pertain to?

It pertains to grants of inducement stock options to attract new employees who were not previously employed by the company.