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Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Verastem Oncology (VSTM) grants stock options to new employees as an inducement material to their employment. The options allow the purchase of 35,000 shares at $11.73 per share, vesting over four years.
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BOSTON--(BUSINESS WIRE)--
Verastem Oncology (Nasdaq: VSTM), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today announced the grant of stock options to purchase 35,000 shares of its common stock to four new employees. The awards were granted pursuant to the Nasdaq inducement grant exception as an inducement material to the employees’ acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to $11.73 per share, the closing price of Verastem Oncology’s common stock as reported by Nasdaq on April 1, 2024. The stock options to purchase 35,000 shares of common stock that were granted to the four new employees will vest at a rate of twenty-five percent (25%) on the one-year anniversary of each employee’s date of hire, with the remaining shares vesting quarterly over the next three (3) years in equal quarterly amounts, provided the employee continues to serve as an employee of or other service provider to Verastem Oncology on each such vesting date.
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) (Verastem, Inc.) is a late-stage development biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition. For more information, please visit www.verastem.com and follow us on LinkedIn.
How many shares of common stock can the new employees purchase through the stock options granted by Verastem Oncology?
The new employees can purchase 35,000 shares of common stock through the granted stock options.
What is the exercise price per share for the stock options granted by Verastem Oncology?
The exercise price per share for the stock options is $11.73, based on the closing price of Verastem Oncology's common stock on April 1, 2024.
How will the shares granted through the stock options vest for the new employees?
The shares will vest at a rate of 25% on the one-year anniversary of each employee's date of hire, with the remaining shares vesting quarterly over the next three years in equal amounts.
Under what rule were the stock options granted by Verastem Oncology to the new employees?
The stock options were granted under the Nasdaq inducement grant exception as an inducement material to the employees' acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4).
