Olema Oncology Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Olema Pharmaceuticals (Nasdaq: OLMA) has granted a stock option to a new employee for 20,000 shares of its common stock as part of the 2022 Inducement Plan. The option, effective April 1, 2022, vests over four years, with 25% vesting after the first year and the remaining 75% in monthly installments. The exercise price is set at $4.10 per share, reflecting the last reported sale price on the grant date. This move aligns with Nasdaq Listing Rule 5635(c)(4) aimed at attracting talent.

Positive

• Stock option granted for 20,000 shares to attract new talent.
• Vesting schedule designed to retain employees over four years.

Negative

• None.

SAN FRANCISCO, April 18, 2022 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema,” “Olema Oncology” or the “Company,” Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for women’s cancers, today announced that the Company granted a stock option to one new employee to purchase 20,000 shares of the Company's common stock, effective as of April 1, 2022. This award was approved by the Compensation Committee of Olema’s Board of Directors and granted under the Company's 2022 Inducement Plan, with a grant date of April 1, 2022, as an inducement material to the new employees entering into employment with Olema, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option vests over four years, with 25 percent vesting on the first anniversary of the vesting commencement date for such employee and the remainder vesting in 36 equal monthly installments over the following three years, subject to the employee being continuously employed by Olema as of such vesting dates. The stock option has a 10-year term and an exercise price of $4.10 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on April 1, 2022. The stock option is subject to the terms of the Olema Pharmaceuticals, Inc. 2022 Inducement Plan.

Olema is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Olema Oncology

Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Olema’s lead product candidate, OP-1250, is an orally available small molecule with combined activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated as a single agent in an ongoing Phase 1/2 clinical trial, and in Phase 1b combination with palbociclib, in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Olema is headquartered in San Francisco and has operations in Cambridge, Massachusetts.

FAQ

What stock option did Olema Pharmaceuticals grant on April 1, 2022?

Olema Pharmaceuticals granted a stock option to a new employee to purchase 20,000 shares at an exercise price of $4.10 per share.

What is the vesting period for the stock option granted by Olema?

The stock option vests over four years, with 25% vesting on the first anniversary and the remainder vesting in 36 equal monthly installments.

What is the purpose of the stock option grant by Olema?

The stock option grant is part of Olema's 2022 Inducement Plan to attract and retain new employees.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for Olema?

Nasdaq Listing Rule 5635(c)(4) allows Olema to grant stock options as an inducement for new employees, helping the company comply with listing requirements.