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

Rhea-AI Summary

Olema Pharmaceuticals, a clinical-stage biopharmaceutical company, announced the grant of stock options totaling 58,300 shares to four new employees, effective October 3, 2022. These options were approved by the Board’s Compensation Committee under the 2022 Inducement Plan, with a 10-year term and an exercise price of $2.91 per share. The options vest over four years, with 25% vesting on the first anniversary and the rest in monthly installments. This move aligns with Nasdaq Listing Rule 5635(c)(4) and underscores Olema's commitment to attracting talent in the competitive biotech landscape.

SAN FRANCISCO, Oct. 04, 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 stock options to four new employees to purchase an aggregate of 58,300 shares of the Company's common stock, effective as of October 3, 2022. These awards were 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 October 3, 2022, as an inducement material to the new employee entering into employment with Olema, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options vest 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 options have a 10-year term and an exercise price of $2.91 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on October 3, 2022. The stock options are 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.

Contact:
Shane Kovacs, COO and CFO
ir@olema.com

FAQ

What is the stock option grant announced by Olema Pharmaceuticals on October 3, 2022?

Olema Pharmaceuticals announced a grant of stock options totaling 58,300 shares to four new employees, effective October 3, 2022.

What is the exercise price of the stock options given to Olema's new employees?

The exercise price of the stock options is $2.91 per share.

How do the stock options granted by Olema Pharmaceuticals vest?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder in monthly installments.

Under what plan were the stock options granted to Olema's new employees?

The stock options were granted under Olema's 2022 Inducement Plan.

What regulatory rule did Olema follow for the stock option grant?

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