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

Rhea-AI Summary

Terns Pharmaceuticals, Inc. announced the granting of an equity inducement award to Melita Sun Jung, the new Chief Business Officer, under the terms of the Inducement Plan. The award includes an option to purchase 475,000 shares of Terns common stock at an exercise price of $5.08 per share, with a 10-year term and vesting over four years.

FOSTER CITY, Calif., May 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 and obesity, today announced that it has granted as of May 1, 2024 an equity inducement award to Melita Sun Jung, the Company’s new Chief Business Officer, 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 Ms. Jung’s acceptance of employment with Terns.

The Company granted an option to purchase 475,000 shares of Terns common stock to Ms. Jung. The option has a 10-year term and an exercise price per share equal to $5.08, which was the closing price of Terns’ common stock on May 1, 2024, the date of grant. The option vests over four years, subject to Ms. Jung’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 and obesity. Terns’ pipeline includes three clinical-stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, 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

Who received the equity inducement award from Terns Pharmaceuticals?

Melita Sun Jung, the new Chief Business Officer, received the equity inducement award.

How many shares of Terns common stock does the option grant allow to purchase?

The option grants the purchase of 475,000 shares of Terns common stock.

What is the exercise price per share for the equity option?

The exercise price per share for the equity option is $5.08.

What is the vesting period for the option granted to Melita Sun Jung?

The option vests over four years, subject to Melita Sun Jung's continued service.