Sierra Oncology, Inc.’s (SRRA) Board of Directors this month approved the stock options grants to two new employees. The BoD’s Compensation Committee approved the grant under company’s 2018 Equity Inducement Plan.
The late-stage drug developer focuses on the registration and commercialization of momelotinib, its JAK1, JAK2 & ACVR1 inhibitor for the treatment of myelofibrosis.
Pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, the 2018 Equity Inducement Plan has exclusively been used for the grant of equity awards. The awards have been used as an incentive tool offered to those who have been entering into the Sierra as an employee.
Both the employees will receive an option of purchasing 100,000 shares of company’s common stock in aggregate. The options will be available to them at an exercisable price of $10.91 per share, closing price of the company’s common stock on the day the grant was approved.
The recipients will be available with an option to exercise 25% of their shares on completion of one year of employment with the company. After that, each recipient will become eligible to exercise remaining 75% of their shares in 36 equal monthly installments. All the options exercisable are subject to continuation of their services with the company on the respective dates. The options are also subject to the terms and conditions of company’s 2018 Equity Inducement Plan as well as of the stock option agreement related to the grant.
Though the company did not mention the names of individuals who will be receiving the grant but in a previous announcement in early August, company announced appointments of Mr. William B. Turner as Chief Regulatory and Technical Operations Officer; and Mr. Kevin Norrett as Chief Business Officer.
Bill Turner was appointed focusing company’s regulatory submission process and potential commercial scale manufacturing of momelotinib whereas Kevin Norrett appointment was to accelerate company’s transition strategy to become a commercial company.