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

Rhea-AI Summary

G1 Therapeutics (GTHX) granted inducement stock options for 1,400 shares and 800 restricted stock units (RSUs) to a new employee under the Amended and Restated 2021 Inducement Equity Incentive Plan. The stock options, exercisable at $4.48 per share, have a ten-year term with a four-year vesting schedule, while RSUs vest over four years. This grant aligns with Nasdaq Listing Rule 5635(c)(4), permitting equity awards for new hires to incentivize their employment. G1 Therapeutics focuses on developing therapies for cancer treatment, including their product COSELA™.

RESEARCH TRIANGLE PARK, N.C., June 01, 2022 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 1,400 shares of G1’s common stock and 800 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 $4.48 per share, the closing price of G1’s common stock on June 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 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 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 (GTHX)?

G1 Therapeutics granted inducement stock options for 1,400 shares exercisable at $4.48 per share.

What are the details of the restricted stock units (RSUs) granted by GTHX?

G1 Therapeutics granted 800 RSUs that vest over four years, with 25% vesting on the first anniversary and the remainder vesting semi-annually.

Under which plan were the stock options and RSUs granted by G1 Therapeutics?

The stock options and RSUs were granted under the Amended and Restated 2021 Inducement Equity Incentive Plan.

What does Nasdaq Listing Rule 5635(c)(4) entail for GTHX?

Nasdaq Listing Rule 5635(c)(4) allows G1 Therapeutics to grant equity awards as an inducement for new employees.

What is G1 Therapeutics' primary focus?

G1 Therapeutics is focused on developing and commercializing therapies for cancer treatment, including their first product, COSELA™.