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

Rhea-AI Summary

On June 2, 2022, Olema Pharmaceuticals granted stock options for 25,400 shares to two new employees under its 2022 Inducement Plan. The options have a grant date of June 1, 2022, with a $2.80 exercise price, matching the last reported sale price. Vested over four years, 25% will vest on the first anniversary, followed by monthly installments. This decision complies with Nasdaq Listing Rule 5635(c)(4). Olema, focused on innovative cancer therapies, is currently evaluating OP-1250 in clinical trials for ER+ breast cancer.

Positive

• Stock options granted to new employees may enhance talent retention.
• Compliance with Nasdaq regulations strengthens corporate governance.

Negative

• None.

SAN FRANCISCO, June 02, 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 two new employees to purchase an aggregate of 25,400 shares of the Company's common stock, effective as of June 1, 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 June 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 options 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 options have a 10-year term and an exercise price of $2.80 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on June 1, 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:
Eva Stroynowski
Vice President, Communications and Investor Relations
eva@olema.com

FAQ

What stock options were granted by Olema Pharmaceuticals on June 1, 2022?

Olema Pharmaceuticals granted 25,400 stock options to two new employees with an exercise price of $2.80.

How do the stock options vest for Olema's new employees?

The options vest over four years, with 25% vesting after one year and the remaining in monthly installments.

What is the purpose of Olema's 2022 Inducement Plan?

The 2022 Inducement Plan aims to attract and retain talent by offering stock options to new employees.

How does Olema Pharmaceuticals comply with Nasdaq Listing Rule 5635?

Olema's stock options grant adheres to Nasdaq Listing Rule 5635(c)(4) related to employee inducements.