Oncternal Therapeutics Reports Granting of an Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Oncternal Therapeutics, Inc. (Nasdaq: ONCT), a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies, today announced that it has granted an inducement award to one new non-executive employee, Christy Stolzer, who joined the company as Associate Director, Drug Safety.
The award was made on February 22, 2021 under Oncternal’s 2021 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Oncternal as an inducement to join the Company. The inducement award to the Ms. Stolzer consists of options to purchase 60,000 shares of Oncternal common stock. The options have a 10-year term and an exercise price equal to $7.20 per share, the fair market value of Oncternal’s common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of the date of grant, and the rest vesting in equal monthly installments thereafter. The award was approved by Oncternal’s independent compensation committee, as required by Nasdaq Rule 5635(c)(4), and was granted as an inducement material to Ms. Stolzer entering into employment with Oncternal in accordance with Nasdaq Rule 5635(c)(4).
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Source: Oncternal Therapeutics, Inc.
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