On March 8, 2023 Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, reported that the compensation committee of the Company’s Board of Directors granted stock option awards to purchase an aggregate of 21,000 shares of its common stock to one employee outside Fusion’s 2020 Stock Option and Incentive Plan (Press release, Fusion Pharmaceuticals, MAR 8, 2023, View Source [SID1234628347]). The stock options were granted as an inducement material to the individual becoming an employee of Fusion in accordance with Nasdaq Listing Rule 5635(c)(4).
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The options have an exercise price of $4.63 per share, which is equal to the closing price of Fusion’s common stock on March 6, 2023. Each option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the one-year anniversary of the grant date and then in equal installments for 36 months thereafter, subject to the employee’s continued service with Fusion through the applicable vesting dates.