On August 22, 2024 Geron Corporation (Nasdaq: GERN), a commercial stage biopharmaceutical company, reported that it has granted non-statutory stock options to purchase an aggregate of 261,000 shares of Geron common stock as inducements to newly hired employees in connection with commencement of employment with the Company (Press release, Geron, AUG 22, 2024, View Source [SID1234646057]).

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The stock options were granted on August 21, 2024, at an exercise price of $4.54 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock options have a 10-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment for the respective employees 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. All of the stock options were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of the 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.