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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, Inc. (SRRA), a biopharmaceutical firm, has granted stock options to six new employees under its 2018 Equity Inducement Plan. In total, options to purchase 39,000 shares were issued, each with an exercise price of $23.28, equal to the stock's closing price on the grant date. The options vest 25% on the first anniversary and the remaining 75% in 36 monthly installments, contingent upon continued employment. This move aims to incentivize new talent contributing to Sierra's mission in targeted cancer therapies.
Positive
Granting of stock options to incentivize new employees.
Total of 39,000 shares granted, potentially boosting workforce motivation.
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 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 in aggregate options to purchase a total 39,000 shares of Sierra’s common stock. The options have an exercise price of $23.28 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.
