Forte Biosciences, Inc. Reports Inducement Grants Under Nasdaq Listing Rules
Forte Biosciences, a clinical-stage biopharmaceutical company focused on autoimmune diseases, announced the issuance of equity inducement awards under Nasdaq rules.
The Compensation Committee approved grants for 70,000 shares to new non-executive employees to incentivize their employment. Each award will vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly increments over the next three years.
The awards are part of Forte's 2020 Inducement Equity Incentive Plan and have terms similar to the 2021 Equity Incentive Plan.
- Issuance of 70,000 shares as inducement awards, potentially attracting skilled talent.
- Equity awards vest over four years, promoting long-term employee retention.
- Compliance with Nasdaq Listing Rule 5635(c)(4) ensures regulatory adherence.
- Equity inducement awards lead to shareholder dilution.
- Long vesting period could mean delayed impact on employee retention.
- No immediate financial benefits or revenue implications reported.
In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte’s Board of Directors approved the grant of equity awards to purchase a total of 70,000 shares of common stock to new non-executive employees as a material inducement to such individuals accepting employment with the Company, with each such award vesting over four years, with twenty-five percent vesting on the one-year anniversary of the applicable optionee’s employment commencement date and the remaining seventy-five percent vesting in approximately equal monthly increments over the succeeding thirty-six months, subject to the individual’s continuous employment through each vesting date.
The Inducement Awards were made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements and will have terms and conditions generally consistent with those of Forte’s 2021 Equity Incentive Plan.
About Forte
Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company that is advancing its product candidate, FB102, which is a proprietary molecule with potentially broad autoimmune and autoimmune-related applications including in such indications as graft-versus-host disease, vitiligo and alopecia areata.
Source: Forte Biosciences, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240517442183/en/
Forte Biosciences, Inc.
Paul Wagner, CEO
investors@fortebiorx.com
LifeSci Advisors
Mike Moyer, Managing Director
mmoyer@lifesciadvisors.com
Source: Forte Biosciences, Inc.
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