Cullinan Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”) today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 137,700 shares of its common stock to four employees outside Cullinan Oncology, Inc’s 2021 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individuals entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).
Four employees received options to purchase an aggregate of 137,700 shares of Cullinan’s common stock on August 1, 2022 and have an exercise price of $13.30, which is equal to the closing price of Cullinan’s common stock on August 1, 2022. Each option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying each option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Cullinan through the applicable vesting dates.
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