CymaBay Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
NEWARK, Calif., Nov. 17, 2023 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced the grant of inducement awards to five employees on November 15, 2023 (the “Grant Date”) in connection with the employees’ commencement of employment at CymaBay. The Compensation Committee of the Board of Directors of CymaBay approved the grant of non-qualified stock options to purchase an aggregate of 182,000 shares of CymaBay common stock as inducements material to the employees entering into employment with CymaBay in accordance with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering such grants.
These stock option grants have an exercise price of $18.00 per share, which was equal to the closing price of CymaBay’s common stock on the Grant Date. The stock options will vest and become exercisable as to 25% of the underlying shares on the first anniversary of the Grant Date, and will vest and become exercisable as to the remaining 75% of the underlying shares in 36 equal monthly installments from the first anniversary of the Grant Date, subject to the applicable employee’s continued employment with CymaBay on such vestin dates.
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