Ignyta, a precision oncology biotechnology company, has issued inducement awards to three new non-executive employees.
All of the awards were made on Feb. 15 under Ignyta’s 2015 Employment Inducement Equity Incentive Award Plan, which was adopted July 17, 2015, and provides for the granting of equity awards to new employees of Ignyta.
The inducement awards consist of options to purchase an aggregate of 95,000 shares of Ignyta common stock and have a 10-year term. The exercise price of the options was $7.21, which was the per-share closing price of Ignyta’s common stock on the Nasdaq Capital Market on February 12, the last trading day prior to the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of the date of hire and the remainder vesting in equal monthly installments over the three years thereafter.
The awards were approved by the independent compensation committee of Ignyta’s board of directors and were granted as an inducement material to the new employees entering into employment with Ignyta in accordance with Nasdaq Marketplace Rule 5635(c)(4).
In addition, on Jan. 18, the company previously announced that it had granted options to purchase an aggregate of 113,000 shares of Ignyta common stock under the Inducement Plan to nine non-executive employees; this number of options was actually granted to eight non-executive employees.