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Sierra Oncology Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sierra Oncology (NASDAQ: SRRA) recently granted stock options to six new employees, totaling 43,500 shares. The options have an exercise price of $31.89 per share, matching the closing price on the grant date. Vesting schedules include 25% after the first year and the remainder in 36 monthly installments, contingent on continued employment. This initiative is part of Sierra's 2018 Equity Inducement Plan, designed to attract talent in the biopharmaceutical sector, focusing on targeted therapies for rare cancers.
Positive
Attraction of talent through stock options indicates growth strategy.
Equity Inducement Plan supports employee retention and engagement.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Sierra Oncology, Inc. (NASDAQ: SRRA), a late-stage biopharmaceutical company dedicated to delivering targeted therapies that treat rare forms of cancer, granted stock options to six 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 options to purchase a total 43,500 shares of Sierra’s common stock. The options have an exercise price of $31.89 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 each 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 agreement covering each grant.
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.
