Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)
04 October 2023 - 7:05AM
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 October 1,
2023 equity inducement awards to two new non-executive 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 options to purchase 51,000
shares of Terns common stock, in the aggregate, to the two new
employees. The options have a 10-year term and an exercise price
per share equal to $5.03, which was the closing price of Terns’
common stock on September 29, 2023, the last trading day prior to
the grant date. The options vest over four years, subject to
continued service through the applicable vesting dates.
About Terns PharmaceuticalsTerns
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
Pharmaceuticals
InvestorsMark
Vignolainvestors@ternspharma.com
MediaJenna UrbanBerry &
Company Public Relationsmedia@ternspharma.com
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