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

Rhea-AI Summary

Terns Pharmaceuticals, Inc. granted an equity inducement award to a new employee under the terms of the 2022 Employment Inducement Award Plan, as amended. The award consists of options to purchase 19,000 shares of Terns common stock with a 10-year term and an exercise price per share equal to $5.26. The options vest over four years, subject to the employee’s continued service through the applicable vesting dates.

FOSTER CITY, Calif., Feb. 02, 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 February 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 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 $5.26, which was the closing price of Terns’ common stock on February 1, 2024, 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 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 preclinical GIPR modulator programs. 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 is the purpose of the equity inducement award granted by Terns Pharmaceuticals, Inc.?

The purpose of the equity inducement award is to incentivize a new employee to accept employment with Terns Pharmaceuticals, Inc.

How many shares of Terns common stock were granted to the new employee?

The new employee was granted options to purchase 19,000 shares of Terns common stock.

What is the exercise price per share for the options granted to the new employee?

The exercise price per share for the options is $5.26, which was the closing price of Terns' common stock on February 1, 2024.

What is the vesting period for the options granted to the new employee?

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