ORIC Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
ORIC Pharmaceuticals (Nasdaq: ORIC), a clinical stage oncology company, has announced the granting of inducement awards to two new non-executive employees who joined in July 2024. The grants, approved on August 1, 2024, include 33,000 non-qualified stock options and 5,600 restricted stock units. These awards are part of the company's 2022 Inducement Equity Incentive Plan and are subject to continued employment.
The stock options have an exercise price equal to ORIC's closing stock price on the grant date. 25% of the options will vest after one year, with the remaining vesting monthly over the next three years. The restricted stock units will vest in three equal annual installments. These inducement grants were approved by ORIC's Compensation Committee and comply with Nasdaq Rule 5635(c)(4).
ORIC Pharmaceuticals (Nasdaq: ORIC), un'azienda oncologica in fase clinica, ha annunciato il conferimento di premi di incentivazione a due nuovi dipendenti non esecutivi che si sono uniti a luglio 2024. I premi, approvati il 1° agosto 2024, includono 33.000 opzioni su azioni non qualificate e 5.600 unità azionarie vincolate. Questi premi fanno parte del Piano di Incentivazione Azionaria di Induzione 2022 dell'azienda e sono soggetti a un impiego continuativo.
Le opzioni su azioni hanno un prezzo di esercizio pari al prezzo di chiusura delle azioni di ORIC alla data del conferimento. Il 25% delle opzioni maturerà dopo un anno, con il restante che maturerà mensilmente nel corso dei tre anni successivi. Le unità azionarie vincolate matureranno in tre rate annuali uguali. Questi premi di incentivazione sono stati approvati dal Comitato Compensazioni di ORIC e sono conformi alla Regola 5635(c)(4) di Nasdaq.
ORIC Pharmaceuticals (Nasdaq: ORIC), una empresa de oncología en etapa clínica, ha anunciado la concesión de premios de incentivo a dos nuevos empleados no ejecutivos que se unieron en julio de 2024. Los premios, aprobados el 1 de agosto de 2024, incluyen 33,000 opciones sobre acciones no calificadas y 5,600 unidades de acciones restringidas. Estos premios son parte del Plan de Incentivos de Capital de Inducción 2022 de la empresa y están sujetos a un empleo continuado.
Las opciones sobre acciones tienen un precio de ejercicio igual al precio de cierre de las acciones de ORIC en la fecha de la concesión. El 25% de las opciones se consolidará después de un año, y el resto se consolidará mensualmente durante los siguientes tres años. Las unidades de acciones restringidas se consolidarán en tres cuotas anuales iguales. Estos premios de incentivo fueron aprobados por el Comité de Compensación de ORIC y cumplen con la Regla 5635(c)(4) de Nasdaq.
ORIC Pharmaceuticals (Nasdaq: ORIC), 임상 단계의 온코로지 회사가 2024년 7월에 합류한 두 명의 새로운 비상임직원에게 유도 보상을 수여한다고 발표했습니다. 이 보상은 2024년 8월 1일에 승인되었으며, 33,000개의 비자격 주식 옵션과 5,600개의 제한 주식 단위를 포함합니다. 이 보상은 회사의 2022년 유도 주식 인센티브 계획의 일환으로, 지속적인 고용 조건이 적용됩니다.
주식 옵션의 행사 가격은 부여 날짜의 ORIC 주식 종가와 동일합니다. 옵션의 25%는 1년 후에 행사 가능하며, 나머지는 다음 3년 동안 매월 행사됩니다. 제한 주식 단위는 3개의 동일한 연간 할부로 행사됩니다. 이 유도 보상은 ORIC의 보상위원회에 의해 승인되었으며, 나스닥 규칙 5635(c)(4)에 부합합니다.
ORIC Pharmaceuticals (Nasdaq: ORIC), une entreprise de cancérologie en phase clinique, a annoncé l'attribution de récompenses d'incitation à deux nouveaux employés non exécutifs qui ont rejoint l'entreprise en juillet 2024. Les récompenses, approuvées le 1er août 2024, comprennent 33 000 options sur actions non qualifiées et 5 600 unités d'actions restreintes. Ces récompenses font partie du Plan d'Incentive en Actions d'Induction de 2022 de l'entreprise et sont soumises à un emploi continu.
Les options sur actions ont un prix d'exercice égal au prix de clôture des actions d'ORIC à la date d'attribution. 25 % des options seront acquises après un an, le reste étant acquis mensuellement au cours des trois années suivantes. Les unités d'actions restreintes seront acquises en trois versements annuels égaux. Ces attributions d'incitation ont été approuvées par le Comité de Rémunération d'ORIC et sont conformes à la règle 5635(c)(4) de Nasdaq.
ORIC Pharmaceuticals (Nasdaq: ORIC), ein onkologisches Unternehmen in der klinischen Phase, hat die Gewährung von Anreizprämien an zwei neue nicht-executive Mitarbeiter angekündigt, die im Juli 2024 eingestellt wurden. Die Prämien, die am 1. August 2024 genehmigt wurden, umfassen 33.000 nicht qualifizierte Aktienoptionen und 5.600 eingeschränkte Aktieneinheiten. Diese Prämien sind Teil des Anreiz-Aktienplans 2022 des Unternehmens und sind an eine fortdauernde Beschäftigung gebunden.
Die Aktienoptionen haben einen Ausübungspreis, der dem Schlusskurs der ORIC-Aktien am Grant-Datum entspricht. 25 % der Optionen werden nach einem Jahr fällig, der Rest wird in den nächsten drei Jahren monatlich fällig. Die eingeschränkten Aktieneinheiten werden in drei gleichmäßigen jährlichen Raten
- Attracting new talent with equity incentives
- Aligning employee interests with company performance through stock options and RSUs
- Potential dilution of existing shareholders' equity
SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Aug. 02, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that on August 1, 2024 (the “Grant Date”), ORIC® granted a total of 33,000 non-qualified stock options and 5,600 restricted stock units to two new non-executive employees who began their employment with ORIC® in July 2024.
These inducement grants were granted pursuant to the ORIC Pharmaceuticals, Inc. 2022 Inducement Equity Incentive Plan, subject to recipient’s continued employment or service through each applicable vesting date. The stock options have an exercise price equal to the closing price of ORIC’s common stock on the Grant Date. Twenty-five percent (
The inducement grants were approved by ORIC’s Compensation Committee of the Board of Directors, as required by Nasdaq Rule 5635(c)(4), and were granted as a material inducement to employment in accordance with Nasdaq Rule 5635(c)(4).
About ORIC Pharmaceuticals, Inc.
ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. ORIC’s clinical stage product candidates include (1) ORIC-114, a brain penetrant inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations, being developed across multiple genetically defined cancers, (2) ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (3) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy- and immunotherapy-based treatment regimens, being developed for multiple myeloma. Beyond these three product candidates, ORIC® is also developing multiple precision medicines targeting other hallmark cancer resistance mechanisms. ORIC® has offices in South San Francisco and San Diego, California. For more information, please go to www.oricpharma.com, and follow us on X or LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the vesting of the inducement grants; target indications for ORIC’s product candidates; the potential advantages of ORIC’s product candidates; and plans underlying ORIC’s clinical trials and development. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon ORIC’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early clinical stage company; ORIC’s ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for and commercialize any of its product candidates; changes in ORIC’s plans to develop and commercialize its product candidates; the potential for clinical trials of ORIC’s product candidates to differ from preclinical, initial, interim, preliminary or expected results; negative impacts of health emergencies, economic instability or international conflicts on ORIC’s operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of ORIC’s license and collaboration agreements; the potential market for our product candidates, and the progress and success of competing therapeutics currently available or in development; ORIC’s ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in the United States and foreign countries; ORIC’s reliance on third parties, including contract manufacturers and contract research organizations; ORIC’s ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel; competition in the industry in which ORIC® operates; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section titled “Risk Factors” in ORIC’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2024, and ORIC’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC® assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Contact:
Dominic Piscitelli, Chief Financial Officer
dominic.piscitelli@oricpharma.com
info@oricpharma.com
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What type of inducement grants did ORIC Pharmaceuticals (ORIC) issue on August 1, 2024?
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