Gritstone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
EMERYVILLE, Calif., July 15, 2021 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company developing the next generation of cancer and infectious disease immunotherapies, today announced that the Compensation Committee of the company’s Board of Directors has granted five employees nonqualified stock options to purchase an aggregate of 77,800 shares of its common stock with an exercise price of $8.77, which is equal to the closing price of Gritstone’s common stock on July 12, 2021, the grant date of the awards. Additionally, the company’s recently appointed chief financial officer, Celia Economides, was granted nonqualified stock options to purchase 215,000 shares of its common stock with an exercise price of $9.76 based on the closing price on June 23, 2021, the grant date of the award. These stock grants are part of an inducement material to each of the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.
Gritstone Forward-Looking Statements