C4 Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

C4 Therapeutics (C4T), a clinical-stage biopharmaceutical company focused on targeted protein degradation science, has announced an inducement grant for a new employee. The grant, approved by the independent directors on the Organization, Leadership and Compensation Committee, consists of non-qualified stock options to purchase 146,880 shares of C4T's common stock.

The grant was made on September 30, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price is equal to the closing price of C4T's common stock on the grant date. The options will vest over four years, with 25% vesting after one year and the remainder vesting in twelve equal monthly installments, subject to continued employment.

Positive

• Attraction of new talent with stock-based compensation
• Alignment of employee interests with company performance through equity incentives

Negative

• Potential dilution of existing shareholders' equity

WATERTOWN, Mass., Sept. 30, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, today announced that the independent directors serving on the Organization, Leadership and Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase 146,880 shares of the Company’s common stock to one new employee (the “Inducement Grant”), with the grant made on September 30, 2024 (the “Grant Date”). The Inducement Grant was granted as a material inducement to this individual entering into employment with C4T in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grant has an exercise price per share that is equal to the closing price of C4T’s common stock on the Grant Date. The Inducement Grant will vest over a four-year period, with 25% of the shares vesting on the first-year anniversary of the employee’s start date, with the remainder of the shares vesting in twelve equal monthly installments thereafter, subject to the employee’s continued employment with C4T through each vesting date.

About C4 Therapeutics

C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs through clinical studies and leveraging its TORPEDO^® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please visit www.c4therapeutics.com.

Contacts:

Investors:
Courtney Solberg
Senior Manager, Investor Relations
CSolberg@c4therapeutics.com

Media:
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com

FAQ

What is the size of the inducement grant offered by C4 Therapeutics (CCCC) on September 30, 2024?

C4 Therapeutics (CCCC) offered an inducement grant of non-qualified stock options to purchase 146,880 shares of the company's common stock on September 30, 2024.

How will the stock options granted by C4 Therapeutics (CCCC) vest?

The stock options will vest over a four-year period, with 25% vesting on the first-year anniversary of the employee's start date, and the remaining 75% vesting in twelve equal monthly installments thereafter.

What is the exercise price for the stock options granted by C4 Therapeutics (CCCC)?

The exercise price for the stock options is equal to the closing price of C4 Therapeutics' (CCCC) common stock on the grant date, September 30, 2024.

Why did C4 Therapeutics (CCCC) issue this inducement grant on September 30, 2024?

C4 Therapeutics (CCCC) issued the inducement grant as a material inducement for a new employee entering into employment with the company, in accordance with Nasdaq Listing Rule 5635(c)(4).