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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 (SRRA), a biopharmaceutical company focused on rare cancer therapies, has granted stock options to two new employees as part of its 2018 Equity Inducement Plan. The total options granted amount to 35,250 shares, with an exercise price of $22.43 for 27,000 options and $21.92 for 8,250 options, matching the closing stock prices at grant. The options will vest over time, promoting employee retention. This move aligns with Sierra's commitment to advance targeted therapies in oncology.
Positive
Granting stock options may enhance employee retention and motivation.
The exercise prices of options reflect current market value, indicating alignment with shareholder interests.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Sierra Oncology, Inc. (SRRA), a late-stage biopharmaceutical company on a mission to deliver targeted therapies that treat rare forms of cancer, granted stock options to two 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 35,250 shares of Sierra’s common stock. A total of 27,000 options has an exercise price of $22.43 per share; the remaining 8,250 options have an exercise price of $21.92 per share. These prices are equal to the closing price of Sierra’s common stock on the respective dates 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, advancing targeted therapies on the leading edge of cancer biology. 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.
What are the details of Sierra Oncology's recent stock option grant?
Sierra Oncology granted 35,250 stock options to two new employees, with exercise prices of $22.43 and $21.92, aligning with the company's 2018 Equity Inducement Plan.
How does the stock option plan affect Sierra Oncology's employees?
The stock options will vest over four years, encouraging new employees to stay with the company and contribute to its long-term goals.
What is Sierra Oncology's mission?
Sierra Oncology aims to deliver targeted therapies for rare forms of cancer through scientific expertise and innovative approaches.
What is the significance of the exercise prices set for the stock options at Sierra Oncology?
The exercise prices of $22.43 and $21.92 match the closing prices of Sierra's common stock, indicating that the options are set at a competitive market value.
