Mirati Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

On February 3, 2023, Mirati Therapeutics (NASDAQ: MRTX) announced the granting of equity awards to four new employees as part of its Inducement Plan. These awards, essential for recruitment, include options for 11,590 shares and 7,190 restricted stock units (RSUs). The option exercise price is $52.69, reflective of the closing stock price on the grant date. The options will vest over four years, while the RSUs will vest at 25% annually after the first year. This initiative complies with Nasdaq Listing Rule 5635(c)(4), demonstrating Mirati's commitment to aligning employee interests with shareholder value.

Positive

• Equity awards granted aligned with Nasdaq's regulations.
• Inducement plan supports recruitment of key talent.
• Employee options and RSUs tie employee compensation to company performance.

Negative

• None.

News Market Reaction – MRTX

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-2.19% Session move

In the trading session that priced this news, MRTX declined 2.19%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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SAN DIEGO, Feb. 3, 2023 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced that the company granted equity awards to 4 new employees with a grant date of February 1, 2023, as equity inducement awards outside of the company's 2022 Equity Incentive Plan (but under the terms of the company's Inducement Plan) and material to the employees' acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 11,590 shares of Mirati's common stock, and in the aggregate 7,190 restricted stock units ("RSUs"). The options have an exercise price of $52.69 per share, which is equal to the closing price of Mirati's common stock on February 1, 2023, (the "Grant Date"). One-fourth of the shares underlying the employee options will vest on the one-year anniversary of the Grant Date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the Grant Date, subject to the employees' continued employment with Mirati on such vesting dates. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the Grant Date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date.

About Mirati Therapeutics, Inc.

Mirati Therapeutics, Inc. is a biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer.

For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn, and Facebook.

Mirati Contacts

Investor Relations: ir@mirati.com

Media Relations: media@mirati.com

 

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SOURCE Mirati Therapeutics, Inc.

FAQ

What did Mirati Therapeutics announce on February 3, 2023?

Mirati Therapeutics announced the granting of equity awards to four new employees as part of its Inducement Plan.

How many shares were granted to employees by Mirati Therapeutics?

The employees received options to purchase 11,590 shares and 7,190 restricted stock units.

What is the exercise price of the options granted to Mirati employees?

The exercise price of the options is $52.69 per share.

What is the vesting period for the equity awards at Mirati Therapeutics?

The options will vest over four years, with RSUs vesting 25% annually after the first year.