On May 2, 2023 CTI BioPharma Corp. (Nasdaq: CTIC), a commercial biopharmaceutical company focused on the development and commercialization of novel targeted therapies for blood-related cancers, reported that an authorized subcommittee of the Compensation Committee of its Board of Directors granted an equity award to a new employee as an equity inducement award outside of the Company’s Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employee’s acceptance of employment with the company (Press release, CTI BioPharma, MAY 2, 2023, View Source [SID1234630835]). The equity award was approved on May 1, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4).

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The employee received options to purchase 60,000 shares of CTI BioPharma common stock. The options will be issued upon the employee’s grant date (the "Grant Date"), and all stock options included within the equity inducement award will have an exercise price equal to the closing price of CTI BioPharma common stock on the Grant Date. One-fourth of the options will vest on each anniversary of the employee’s Grant Date, subject to the employee’s continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.