On February 1, 2023 Cytokinetics, Incorporated (Nasdaq: CYTK) reported that on January 31, 2023 it granted stock options to purchase an aggregate of 87,600 shares of common stock to 13 new employees, whose employment commenced in January 2023, as a material inducement to their employment (Press release, Cytokinetics, FEB 1, 2023, View Source [SID1234626724]).

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The stock options that were granted are subject to an exercise price of $42.48 per share, which is equal to the closing price of the Company’s common stock on January 31, 2023, and will vest over 4 years, with 1/4th of the shares underlying the employee’s option vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares thereafter vesting monthly at a rate of 1/48th of the shares underlying each employee’s option over the subsequent 36 months, subject to the new employee’s continued service with the Company. Each stock option has a 10-year term and is subject to the terms and conditions of the Company’s Amended and Restated 2004 Equity Incentive Plan and the stock option agreement pursuant to which the option was granted.

The options were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).