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 40,400 shares and 26,800 restricted stock units (RSUs) to six newly hired employees. This move, aligned with the Amended and Restated 2021 Inducement Equity Incentive Plan, follows Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $5.17 and a ten-year term, with a four-year vesting schedule. The RSUs also have a four-year vesting plan. This initiative aims to attract talent necessary for G1's ongoing commitment to developing cancer therapies, including its product COSELA®.

Positive

• Inducement of stock options and RSUs to attract skilled employees.
• Stock options set at competitive price of $5.17 per share.
• Structured vesting schedule encourages long-term employee retention.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., July 01, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 40,400 shares of G1’s common stock and 26,800 restricted stock units (RSUs) to six hired employees 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 $5.17 per share, the closing price of G1’s common stock on July 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® 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 July 1, 2022?

G1 Therapeutics granted inducement stock options for 40,400 shares at an exercise price of $5.17.

How many restricted stock units did G1 Therapeutics award?

G1 Therapeutics awarded 26,800 restricted stock units (RSUs) to new employees.

What is the vesting schedule for G1 Therapeutics' stock options?

The stock options vest over four years, with 25% vesting after the first year and the rest monthly.

What is the purpose of G1 Therapeutics' stock award under the inducement plan?

The stock awards are intended to attract new employees as an inducement material to their employment.

What is the Nasdaq Listing Rule related to G1 Therapeutics' stock options?

The inducement stock options were granted per Nasdaq Listing Rule 5635(c)(4).