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Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Verastem Oncology (Nasdaq: VSTM) has granted stock options for 435,750 shares and 240,900 restricted stock units (RSUs) to nine new employees, under Nasdaq inducement grant exception. The stock options consist of 360,750 shares that vest 25% on the one-year anniversary of hire, with the rest vesting quarterly over three years. Additionally, 75,000 shares vest upon achieving specific business milestones. The exercise price for the options is set at $1.43, corresponding to the closing stock price on April 1, 2022.
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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 435,750 shares of its common stock and the grant of 240,900 restricted stock units (RSUs) to nine 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 to purchase 360,750 shares of Verastem Oncology’s common stock and the 240,900 RSUs that were granted to the nine new employees will vest at a rate of twenty-five percent (25%) on the one-year anniversary of the employee's date of hire, with the remaining shares vesting quarterly over the next three (3) years in equal quarterly amounts, provided the employees continue to serve as employees of or other service providers to Verastem Oncology on each such vesting date. A stock option to purchase 75,000 shares of Verastem Oncology’s common stock will vest upon the achievement of certain business milestones, provided the employee continues to serve as an employee of or other service provider to Verastem Oncology on such vesting dates. The stock options have an exercise price equal to $1.43 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on April 1, 2022.
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) (Verastem, Inc.) is a development-stage 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.
