Surface Oncology Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Surface Oncology, Inc. (Nasdaq: SURF) announced a stock option grant to Theresa Boni, J.D., its general counsel, allowing the purchase of 120,000 shares at an exercise price of $2.87. This grant is part of the company’s 2021 Inducement Plan, aimed at facilitating Ms. Boni's employment in compliance with Nasdaq Listing Rule 5635(c)(4). The options have a 10-year term, vesting over four years with an initial 30,000 shares vesting on March 14, 2023.

Surface is focused on developing innovative immunotherapies targeting the tumor microenvironment.

Positive

• Granting stock options to a key executive may enhance retention and alignment with shareholder interests.
• Stock options can incentivize Ms. Boni to contribute positively to the company’s growth.

Negative

• None.

CAMBRIDGE, Mass., April 01, 2022 (GLOBE NEWSWIRE) -- Surface Oncology, Inc. (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, today announced that Surface’s board of directors granted Theresa Boni, J.D., general counsel and senior vice president, legal, non-qualified stock options to purchase 120,000 shares of the company’s common stock with a per share exercise price of $2.87, the closing price of Surface’s common stock as reported by Nasdaq on April 1, 2022.

The option grant was made pursuant to Surface’s 2021 Inducement Plan as an inducement material to Ms. Boni entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have a 10-year term and vest over four years, with 30,000 vesting on March 14, 2023, and the remaining options vesting in substantially equal monthly installments over the following 36 months.

About Surface Oncology
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment. Its pipeline includes two wholly-owned clinical-stage programs targeting CD39 (SRF617) and IL-27 (SRF388), as well as a preclinical program focused on selectively depleting regulatory T cells in the tumor microenvironment via targeting CCR8 (SRF114). In addition, Surface has two partnerships with major pharmaceutical companies: a collaboration with Novartis targeting CD73 (NZV930; Phase 1) and a collaboration with GlaxoSmithKline targeting PVRIG (GSK4381562, formerly SRF813; Phase 1). Surface’s novel, investigational, cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response and may be used alone or in combination with other therapies. For more information, please visit www.surfaceoncology.com.

Contact
Scott Young
(617) 865-3250
syoung@surfaceoncology.com

FAQ

What stock option grant did Surface Oncology announce?

Surface Oncology announced a stock option grant for Theresa Boni to purchase 120,000 shares at $2.87.

What is the term and vesting schedule of Surface Oncology's stock options?

The options have a 10-year term and vest over four years, with 30,000 shares vesting on March 14, 2023.

Which Nasdaq rule did Surface Oncology comply with for the stock option grant?

The stock option grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).

What is the focus of Surface Oncology's development efforts?

Surface Oncology is focused on developing next-generation immunotherapies targeting the tumor microenvironment.