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

Rhea-AI Summary

Olema Pharmaceuticals, Inc. (NASDAQ: OLMA) announced the grant of stock options for a total of 270,000 shares to two new employees, effective February 1, 2022. Dr. Naseem Zojwalla received an option for 250,000 shares as the new Chief Medical Officer, while another employee got 20,000 shares. These stock options are part of Olema's 2022 Inducement Plan, vesting over four years with the last reported share price at $7.02. This initiative aligns with Nasdaq Listing Rule 5635(c)(4) to incentivize key hires.

SAN FRANCISCO, Feb. 03, 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 270,000 shares of the Company's common stock, effective as of February 1, 2022. An option to purchase 250,000 shares of the Company’s common stock was granted to Naseem Zojwalla, M.D., the Company's new Chief Medical Officer, and an option to purchase 20,000 shares of common stock was granted to an additional new employee. 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 February 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 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 $7.02 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on February 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.

FAQ

What stock options were granted by Olema Pharmaceuticals?

Olema Pharmaceuticals granted stock options totaling 270,000 shares to two new employees on February 1, 2022.

Who received stock options from Olema Pharmaceuticals?

Dr. Naseem Zojwalla, the new Chief Medical Officer, received 250,000 shares, and another employee received 20,000 shares.

What is the exercise price of Olema's stock options?

The exercise price for the stock options granted by Olema is $7.02 per share.

What is the vesting schedule for Olema's stock options?

The stock options vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in 36 equal monthly installments.

What is the significance of the grant under Nasdaq rules?

The stock options were granted as an inducement for new employees in accordance with Nasdaq Listing Rule 5635(c)(4).