Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Mirati Therapeutics, Inc.® (NASDAQ: MRTX) granted equity awards to a new employee as part of an equity inducement plan, including options to purchase 5,189 shares of common stock and 3,067 restricted stock units (RSUs). The options have an exercise price of $30.02 per share, with vesting schedules outlined for both the options and RSUs.

SAN DIEGO, Aug. 3, 2023 /PRNewswire/ -- Mirati Therapeutics, Inc.^® (NASDAQ: MRTX), a commercial stage biotechnology company, today announced that the company granted equity awards to a new employee with a grant date of August 1, 2023, as equity inducement awards outside of the company's 2022 Equity Incentive Plan (but under the terms of the company's Inducement Plan) and material to the employee's acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received options to purchase 5,189 shares of Mirati's common stock and 3,067 restricted stock units ("RSUs"). The options have an exercise price of $30.02 per share, which is equal to the closing price of Mirati's common stock on August 1, 2023, (the "Grant Date"). One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the Grant Date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employee will be fully vested on the fourth anniversary of the Grant Date, subject to the employee's continued employment with Mirati on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the Grant Date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to the employee's continued employment on each vesting date.

About Mirati Therapeutics, Inc.^®

Mirati Therapeutics, Inc. is a commercial stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer.

For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn, and Facebook.

Mirati Contacts

Investor Relations: ir@mirati.com

Media Relations: media@mirati.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/mirati-therapeutics-reports-inducement-grant-under-nasdaq-listing-rule-5635c4-301893105.html

SOURCE Mirati Therapeutics, Inc.

FAQ

What is the grant date for the equity awards?

The grant date for the equity awards is August 1, 2023.

How many shares of common stock can the employee purchase through the options?

The employee can purchase 5,189 shares of Mirati's common stock through the options.

What is the exercise price of the options?

The exercise price of the options is $30.02 per share.

What is the vesting schedule for the options and RSUs?

For the options, one-fourth of the shares will vest on the one-year anniversary of the grant date, and 1/48th of the shares will vest monthly thereafter. The RSUs will vest as to 25% of the shares on the first anniversary of the grant date and an additional 25% annually thereafter.