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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 (NASDAQ: SRRA) has granted stock options to seven new employees under its 2018 Equity Inducement Plan, approved by the Compensation Committee. A total of 55,500 options were awarded with an exercise price of $33.76, matching the closing stock price on the grant date. The options vest 25% on the first anniversary of employment and the remaining 75% in monthly installments over three years, contingent on continued employment. Sierra Oncology focuses on developing targeted therapies for rare cancers.
Positive
Granting stock options can incentivize new talent and align employee interests with shareholder value.
The implementation of the 2018 Equity Inducement Plan may enhance recruitment and retention of skilled professionals.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Sierra Oncology, Inc. (NASDAQ: SRRA), a late-stage biopharmaceutical company dedicated to delivering targeted therapies for rare cancers, granted stock options to seven 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 55,500 shares of Sierra’s common stock. The options have an exercise price of $33.76 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.
