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 80,400 shares to eight new employees under its 2021 Inducement Equity Incentive Plan. This grant adheres to Nasdaq Listing Rule 5635(c)(4) and incentivizes new hires. Options are priced at $22.47, reflecting the closing price on July 1, 2021, and vest over four years. G1 focuses on oncology, including the commercialization of COSELA™ and a range of clinical developments targeting various solid tumors.

Positive

• Inducement stock options granted to eight new employees, encouraging talent acquisition.
• Stock options priced at $22.47, aligning with the current market value.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., July 02, 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 80,400 shares of G1’s common stock to eight 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 $22.47 per share, the closing price of G1’s common stock on July 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 was the purpose of G1 Therapeutics' recent stock option grant?

The stock option grant was to incentivize eight new employees under the 2021 Inducement Equity Incentive Plan.

How many shares were granted as inducement stock options by G1 Therapeutics?

G1 Therapeutics granted stock options exercisable for an aggregate of 80,400 shares.

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

The stock options are exercisable at a price of $22.47 per share.

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

The stock options vest over four years, with 25% vesting on the first anniversary and then monthly thereafter.

Under which Nasdaq rule were the inducement stock options granted?

The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).