Catalyst Biosciences Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
SOUTH SAN FRANCISCO, Calif., July 01, 2020 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) today reported that the Compensation Committee of Catalyst’s Board of Directors granted a non-qualified inducement stock option to purchase an aggregate of 140,000 shares of Catalyst’s common stock to Clinton Musil, Catalyst’s recently appointed Chief Financial Officer, effective July 1, 2020.
The stock option was granted as an inducement material to Mr. Musil’s entering into employment with Catalyst in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option was granted outside of Catalyst’s 2018 Omnibus Incentive Plan, but except as set forth in the stock option agreement, will generally be subject to the same terms and conditions as apply to stock options granted under the plan.
The stock option will vest with respect to 25% of the shares underlying the stock option one year after Mr. Musil’s employment start date, and the remaining 75% of the shares underlying the stock option will vest in equal monthly installments over the 36-month period following the one-year anniversary of Mr. Musil’s employment start date, subject to his continued service to Catalyst through each relevant vesting date. Notwithstanding the foregoing, the stock option will accelerate upon certain terminations of employment, including within a certain period following a change in control transaction. The stock option has a ten-year term and an exercise price of $5.88 per share, which is equal to the closing price of Catalyst’s common stock on July 1, 2020.
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