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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) has granted a stock option of 27,000 shares to a new employee under its 2018 Equity Inducement Plan. The exercise price is set at $30.85 per share, matching the closing stock price at the time of the grant. This option vests 25% on the first anniversary of employment, with the remaining shares vesting over 36 months, contingent on the employee's continued employment. Sierra Oncology is focused on developing targeted therapies for rare cancers, leveraging their scientific expertise to innovate cancer treatment.
Positive
Granting of stock options could enhance employee retention and motivation.
The exercise price matches the current stock price, aligning employee and shareholder interests.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Sierra Oncology, Inc. (NASDAQ: SRRA), a late-stage biopharmaceutical company on a mission to deliver targeted therapies that treat rare forms of cancer, granted a stock option to one new employee 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 employee received an option to purchase a total 27,000 shares of Sierra’s common stock. The option has an exercise price of $30.85 per share, which is equal to the closing price of Sierra’s common stock on the date of grant. The option 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 the employee’s continued employment with Sierra on such vesting dates. The option is subject to the terms and conditions of Sierra’s 2018 Equity Inducement Plan, and the terms and conditions of the stock option agreement covering the 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.
