Cullinan Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., April 04, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”) today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 279,100 shares of its common stock to four employees outside Cullinan Oncology, Inc’s 2021 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individuals entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).
Three employees received options to purchase an aggregate of 129,100 shares of Cullinan’s common stock on April 1, 2022, and have an exercise price of $10.99, which is equal to the closing price of Cullinan’s common stock on April 1, 2022. On April 4, an employee was issued an option to purchase 150,000 shares of Cullinan’s common stock with an exercise price of $12.04 per share, which is equal to the closing price of Cullinan’s common stock on April 4, 2022. Each option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying each option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Cullinan through the applicable vesting dates.
About Cullinan Oncology
Cullinan Oncology is a biopharmaceutical company that is developing a diversified pipeline of targeted therapeutic candidates across multiple modalities in order to bring important medicines to cancer patients. The Company’s strategy is to source innovation through both internal discovery efforts and external collaborations, focusing on advanced stage assets with novel technology platforms and differentiated mechanisms. Learn more about Cullinan at www.cullinanoncology.com.