PHILADELPHIA, PA — Context Therapeutics Inc. (Nasdaq: CNTX) recently granted a new employee an option to purchase 146,000 shares at 70 cents each, using equity compensation outside its existing incentive plan to support recruitment as the biotechnology company advances its solid-tumor drug pipeline.
The non-qualified stock option was issued July 7 as an inducement to accept employment with Context, the company announced.
The award was granted outside the Context Therapeutics 2021 Long-Term Performance Incentive Plan under Nasdaq Listing Rule 5635(c)(4).
The exercise price matches the closing price of Context’s common stock on the grant date.
The option has a 10-year term and will vest over four years. One-fourth of the shares will vest on the first anniversary of the grant date, with the remainder vesting in 36 equal monthly installments.
Vesting remains contingent on the employee’s continued service through each applicable date.
Context is developing T cell-engaging bispecific antibodies for solid tumors. Its pipeline includes CTIM-76, targeting Claudin 6 and CD3; CT-95, targeting Mesothelin and CD3; and CT-202, targeting Nectin-4 and CD3.
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