On September 15, 2023 Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH), a biopharmaceutical company focused on discovering, developing, and commercializing important new medicines to improve the lives of people with cancer, reported that in connection with the hiring of Dashyant Dhanak, Ph.D., Executive Vice President and Chief Scientific Officer, the Compensation Committee of Deciphera’s Board of Directors approved the grant of a stock option to purchase 65,900 shares of Deciphera’s common stock, 65,900 restricted stock units ("RSUs") and a special grant of 75,000 RSUs ("Special RSUs") to Dr. Dhanak with a grant date of September 15, 2023 (Press release, Deciphera Pharmaceuticals, SEP 15, 2023, View Source [SID1234635180]).

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The equity awards were granted under the Company’s 2022 Inducement Plan and were made pursuant to Nasdaq Listing Rule 5635(c)(4). The grants were an inducement material to Dr. Dhanak accepting employment with the Company. The options have a ten-year term, and the exercise price of the options is $13.42, equal to the fair market value of the Company’s common stock on the Nasdaq on September 15, 2023. The shares subject to the option vest over a four-year period, with 25 percent of the shares subject to the option vesting on the first anniversary of Dr. Dhanak’s date of hire and the remainder vesting in equal monthly installments over three years thereafter. The 65,900 shares underlying the RSU grant will vest in equal annual installments over a three-year period, beginning on or about the one-year anniversary of the grant date. The 75,000 shares underlying the special grant vest over a two-year period, with 50 percent vesting on or about the first anniversary of the grant date and the remainder vesting on or about the two-year anniversary of the grant date. The awards are subject to the terms and conditions of their applicable equity award agreements, including having a continued relationship with the Company on the vesting date.