Terns Pharmaceuticals Reports Inducement Grant to New Employee Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Terns Pharmaceuticals, Inc. (TERN) announced the granting of an equity inducement award to a new employee under the 2022 Employment Inducement Award Plan. The award consists of options to purchase 19,000 shares of Terns common stock at an exercise price of $6.49 per share, with a 10-year term and vesting over four years.

FOSTER CITY, Calif., Jan. 03, 2024 (GLOBE NEWSWIRE) -- 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, obesity and non-alcoholic steatohepatitis (NASH), today announced that it has granted as of January 1, 2024 an equity inducement award to a new employee under the terms of the 2022 Employment Inducement Award Plan, as amended (the “Inducement Plan”). The equity award was approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and was made as a material inducement to the employee’s acceptance of employment with Terns.

The Company granted the employee options to purchase 19,000 shares of Terns common stock to the new employee. The options have a 10-year term and an exercise price per share equal to $6.49, which was the closing price of Terns’ common stock on December 29, 2023, the last trading day prior to the date of grant. The options vest over four years, subject to the employee’s continued service through the applicable vesting dates.

About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and NASH. Terns’ pipeline includes three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, and a THR-β agonist, and a preclinical GIPR modulator program. For more information, please visit: www.ternspharma.com.

Contacts for Terns

Investors
Justin Ng
investors@ternspharma.com  

Media
Jenna Urban
Berry & Company Public Relations
media@ternspharma.com  

FAQ

What did Terns Pharmaceuticals, Inc. (TERN) announce recently?

Terns Pharmaceuticals, Inc. (TERN) announced the granting of an equity inducement award to a new employee under the 2022 Employment Inducement Award Plan.

How many shares of Terns common stock were included in the equity award?

The company granted the employee options to purchase 19,000 shares of Terns common stock.

What is the exercise price per share for the options granted?

The exercise price per share for the options granted is $6.49.

How long is the term for the options granted?

The options have a 10-year term.

How does the vesting of the options work?

The options vest over four years, subject to the employee’s continued service through the applicable vesting dates.