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

Rhea-AI Summary

G1 Therapeutics (Nasdaq: GTHX), a commercial-stage oncology company, has announced the grant of inducement equity awards to five new employees. The awards include stock options for 12,300 shares and 6,150 restricted stock units (RSUs) under the Amended and Restated G1 Therapeutics, Inc. 2021 Inducement Equity Incentive Plan. These grants comply with Nasdaq Listing Rule 5635(c)(4) for inducement material.

The stock options have an exercise price of $4.20 per share, based on the closing price on August 1, 2024. They have a ten-year term and vest over four years, with 25% vesting after the first year and 1/48th monthly thereafter. The RSUs have a four-year term, with 25% vesting after the first year and 12.5% semi-annually for the remaining three years. Both are subject to continued employment and plan conditions.

Positive

• Granting of equity awards to attract new talent
• Alignment of employee interests with company performance through stock options and RSUs

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., Aug. 01, 2024 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today announced the grant of inducement stock options exercisable for 12,300 shares of G1’s common stock and 6,150 restricted stock units (RSUs) to five 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 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 $4.20 per share, the closing price of G1’s common stock on August 1, 2024, 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 start date, and an additional 1/48th of the shares vesting 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 oncology biopharmaceutical company whose mission is to develop and deliver next-generation therapies that improve the lives of those affected by cancer, including the Company’s first commercial product, COSELA^® (trilaciclib). G1’s goal is to provide innovative therapeutic advances for people living with cancer. G1 is based in Research Triangle Park, N.C. For additional information, please visit www.g1therapeutics.com and follow us on X (formerly known as Twitter) @G1Therapeutics and LinkedIn.

G1 Therapeutics^® and the G1 Therapeutics logo and COSELA^® and the COSELA logo are trademarks of G1 Therapeutics, Inc.

Contact:

Will Roberts
Communications Officer
Vice President, Investor Relations and Corporate Communications
(919) 907-1944
wroberts@g1therapeutics.com

FAQ

What type of equity awards did G1 Therapeutics (GTHX) grant to new employees?

G1 Therapeutics granted inducement stock options for 12,300 shares and 6,150 restricted stock units (RSUs) to five new employees under their Amended and Restated 2021 Inducement Equity Incentive Plan.

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

The stock options granted by G1 Therapeutics have an exercise price of $4.20 per share, which was the closing price of G1's common stock on August 1, 2024, the grant date.

How do the stock options and RSUs vest for G1 Therapeutics (GTHX) new employees?

The stock options vest over four years, with 25% vesting after the first year and 1/48th monthly thereafter. The RSUs vest over four years, with 25% vesting after the first year and 12.5% semi-annually for the remaining three years.