Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Verastem Oncology grants stock options to new employee

Positive

• Verastem Oncology has granted stock options to purchase 60,000 shares of its common stock to one new employee.
• The stock options have an exercise price of $7.65 per share.
• 30,000 shares of the granted stock options will vest at a rate of 25% on the one-year anniversary of the employee's hire date.
• The remaining shares will vest quarterly over the next three years.
• An additional 30,000 shares will vest upon the achievement of a certain commercial milestone.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Verastem Oncology (Nasdaq:VSTM), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today announced the grant of stock options to purchase 60,000 shares of its common stock to one new employee. The awards were granted pursuant to the Nasdaq inducement grant exception as an inducement material to the employee's acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to $7.65 per share, the closing price of Verastem Oncology’s common stock as reported by Nasdaq on October 12, 2023. The stock options to purchase 30,000 shares of common stock that were granted to the one new employee will vest at a rate of twenty-five percent (25%) on the one-year anniversary of the employee’s date of hire, with the remaining shares vesting quarterly over the next three (3) years in equal quarterly amounts, provided the employee continues to serve as an employee of or other service provider to Verastem Oncology on each such vesting date. The stock options to purchase 30,000 shares of common stock that were granted to one new employee will vest upon the achievement of a certain commercial milestone, provided the employee continues to serve as an employee of or other service provider to Verastem Oncology on such vesting date.

About Verastem Oncology

Verastem Oncology (Nasdaq: VSTM) (Verastem, Inc.) is a development-stage biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition. For more information, please visit www.verastem.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018337292/en/

Investors:

Dan Calkins

Investor Relations

+1 781-469-1694

dcalkins@verastem.com

Ryan Porter

+1 212-600-1902

ryan.porter@argotpartners.com

Media:

Lisa Buffington

Corporate Communications

+1 781-292-4502

lbuffington@verastem.com

Source: Verastem Oncology

FAQ

What is the exercise price of the stock options?

The exercise price of the stock options is $7.65 per share.

How many shares of common stock were granted to the new employee?

The new employee was granted stock options to purchase 60,000 shares of common stock.

How will the granted stock options vest?

30,000 shares will vest at a rate of 25% on the one-year anniversary of the employee's hire date. The remaining shares will vest quarterly over the next three years.

Under what condition will an additional 30,000 shares vest?

An additional 30,000 shares will vest upon the achievement of a certain commercial milestone.