Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(c)(4)
04 May 2023 - 6:05AM
Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq:
TERN), a clinical-stage biopharmaceutical company developing a
portfolio of small-molecule product candidates to address serious
diseases, including oncology, non-alcoholic steatohepatitis (NASH)
and obesity, today announced that it has granted as of May 1, 2023
equity inducement awards to seven new employees under the terms of
the 2022 Employment Inducement Award Plan (the “Inducement Plan”).
The equity awards were approved by the Compensation Committee of
the Company’s Board of Directors in accordance with Nasdaq Listing
Rule 5635(c)(4) and were each made as a material inducement to the
employee’s acceptance of employment with Terns.
The Company granted to Emil Kuriakose, M.D., the Company’s new
Chief Medical Officer of Terns Oncology, an option to purchase
280,000 shares of Terns common stock and to six other non-executive
employees, in the aggregate, options to purchase 190,500 shares of
Terns common stock and 4,750 restricted stock units (“RSUs”) for
shares of Terns common stock.
The options have a 10-year term and an exercise price per share
equal to $12.93, which was the closing price of Terns’ common stock
on May 1, 2023, the date of grant. The options and RSUs vest over
four years, subject to continued service through the applicable
vesting dates.
About Terns
Terns Pharmaceuticals, Inc. is a clinical-stage
biopharmaceutical company developing a portfolio of small-molecule
product candidates to address serious diseases, including oncology,
NASH and obesity. Terns’ pipeline includes two clinical stage
development programs including an allosteric BCR-ABL inhibitor and
a THR-β agonist (+/- an FXR agonist), and preclinical
small-molecule GLP-1 receptor agonist and GIPR modulator programs.
For more information, please visit: www.ternspharma.com.
Contacts for Terns
Investors
Justin Nginvestors@ternspharma.com
Media
Jenna UrbanBerry & Company Public
Relationsmedia@ternspharma.com
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