Summit Therapeutics (SMMT) reports inducement grants

Summit Therapeutics Inc. (NASDAQ: SMMT) today announced the grant of inducement awards of options to purchase a collective total of up to 122,650 shares of common stock. Awards were made to 12 new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on March 11, 2025. The options have a ten (10) year term and an exercise price of $18.50 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on March 11, 2025. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 and on January 22, 2025 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

The options awarded to the recipients are subject to vesting in equal annual installments over a four-year period. The options awarded are subject to the terms of a stock option agreement to be executed by the recipient of the grant.

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