ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, is pleased to announce that on May 1, 2023, it awarded 29,800 non-qualified stock options and 4,980 restricted stock units to two new non-executive employees who joined their team in April 2023. The grant date marks the beginning of their journey with ORIC and will serve as a promise of the accomplishments to come.
The ORIC Pharmaceuticals, Inc. 2022 Inducement Equity Incentive Plan grants stock options and restricted stock units to eligible recipients, with an exercise price equal to the closing price of ORIC’s common stock on the Grant Date.
Twenty-five percent (25%) of the stock options will vest on the one (1) year anniversary of the Grant Date, with one thirty-sixth (1/36th) of the remaining shares vesting each one-month period thereafter.
One-third (1/3rd) of the restricted stock units will vest on each of the first three anniversaries of the Grant Date, ensuring continued employment or service through each applicable vesting date. The terms and conditions of the stock option and restricted stock unit agreements are subject to the ORIC Pharmaceuticals, Inc. 2022 Inducement Equity Incentive Plan.
The Compensation Committee of the Board of Directors at ORIC gave the green light to the inducement grants in compliance with Nasdaq Rule 5635(c)(4), offering them as an incentive for employment in accordance with the same regulations.
About ORIC Pharmaceuticals, Inc.
ORIC Pharmaceuticals is a clinical stage biopharmaceutical company with a mission to improve the lives of patients and overcome cancer resistance. Our three clinical stage product candidates, ORIC-533, ORIC-114, and ORIC-944, are designed to target different resistance mechanisms, such as CD73, EGFR and HER2, and PRC2 respectively.
We are also working on other precision medicines with the goal of revolutionizing cancer treatment. Our offices can be found in both South San Francisco and San Diego, California, where our team of dedicated professionals are striving to make a positive impact on the fight against cancer.