LIVONIA, Mich., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Gemphire Therapeutics Inc. (NASDAQ:GEMP), today announced that on November 25, 2016, the Compensation Committee of its Board of Directors, which is composed entirely of independent directors, approved an equity award under Gemphire's Inducement Plan, as a material inducement to one individual entering into employment with Gemphire. The equity award was approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan. In connection with the individual entering into employment with Gemphire, the individual, who was not previously an employee or director of Gemphire, received options to purchase an aggregate of 12,000 shares of Gemphire's common stock. The option award was granted effective as of November 25, 2016 and has an exercise price equal to $9.70, the closing price of Gemphire's common stock on that date. The option award has a ten-year term and vests over a period of four years, with 25% of the shares vesting on October 31, 2017 and the remaining 75% vesting in 36 approximately equal monthly increments, provided the employee's employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in each employee's option agreement. The option award shall fully vest and become exercisable on or after a change in control. The shares underlying the option award will be subject to lock-up agreements in favor of the underwriters of Gemphire's initial public offering.