On February 7, 2023 CTI BioPharma Corp. (NASDAQ: CTIC) reported that an authorized subcommittee of the Compensation Committee of its Board of Directors granted equity awards to three new employees as equity inducement awards 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 employees’ acceptance of employment with the company (Press release, CTI BioPharma, FEB 8, 2023, View Source [SID1234626910]). The equity awards were approved on February 7, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4).
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The employees received options to purchase an aggregate of 102,000 shares of CTI BioPharma common stock. The options will be issued upon each employee’s grant date (the "Grant Date"), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective 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.