MENLO PARK, Calif.--(BUSINESS WIRE)--Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 500,000 shares of Geron common stock as inducements to two newly-hired employees in connection with commencement of employment with the Company.
The stock options were granted on April 15, 2020 at an exercise price of $1.19 per share, which is equal to the closing price of Geron common stock on the date of grant. Each stock option granted has a 10-year term. Options to purchase 400,000 shares vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. Options to purchase 100,000 shares vest in full upon the one year anniversary of the hire date, subject to continued employment with Geron on the vesting date. All of the options were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of stock option agreements covering the grants and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018 and provides for the granting of stock options to new employees.
Geron is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. For more information about Geron, visit www.geron.com.