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Sierra Oncology Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sierra Oncology (SRRA), a biopharmaceutical firm focusing on rare cancers, has granted stock options to nine new employees under its 2018 Equity Inducement Plan. In total, 64,800 options to purchase shares at $21.55 each have been issued. The options vest 25% on the first anniversary of employment, with the remaining 75% vesting over 36 months, contingent on continued employment. This strategy aims to attract talent while aligning employee interests with shareholder value.
Positive
Stock options granted to nine new employees may enhance talent acquisition.
The options align employee compensation with shareholder value.
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None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Sierra Oncology, Inc. (SRRA), a late-stage biopharmaceutical company dedicated to delivering targeted therapies for rare cancers, granted stock options to nine new employees as approved by the Compensation Committee of the Company’s Board of Directors, under Sierra Oncology’s 2018 Equity Inducement Plan. The 2018 Equity Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to such individuals entering into employment with Sierra, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The employees received in aggregate options to purchase a total 64,800 shares of Sierra’s common stock. The options have an exercise price of $21.55 per share, which is equal to the closing price of Sierra’s common stock on the date of grant. The options will vest and become exercisable as to 25% of the shares on the first anniversary of the recipient’s start date, and then will vest and become exercisable as to the remaining 75% of shares in 36 equal monthly installments following the first anniversary, subject to each employee’s continued employment with Sierra on such vesting dates. The options are subject to the terms and conditions of Sierra’s 2018 Equity Inducement Plan, and the terms and conditions of the stock option agreements covering the grants.
About Sierra Oncology Sierra Oncology is a late-stage biopharmaceutical company on a mission to deliver targeted therapies that treat rare forms of cancer. We harness our deep scientific expertise to identify compounds that target the root cause of disease. Our team takes an evidence-based approach to understand the limitations of current treatments and explore new ways to change the cancer treatment paradigm. Together we are transforming promise into patient impact.
