Tango Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Tango Therapeutics (NASDAQ: TNGX) announced that its Compensation Committee granted equity awards to a new employee under its 2023 Inducement Plan. The grants include a non-qualified stock option to purchase 187,500 shares at $3.89 per share and 31,250 restricted stock units (RSUs). The stock options will vest 25% on November 18, 2025, with remaining shares vesting monthly over 36 months. The RSUs will vest in three tranches: 10,416 shares in 2025, 10,417 shares in 2026, and 10,417 shares in 2027, subject to continued employment.

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• None.

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• Potential shareholder dilution from new equity grants totaling 218,750 shares

BOSTON--(BUSINESS WIRE)-- Tango Therapeutics, Inc. (NASDAQ: TNGX), a clinical-stage biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, today announced that, effective December 2, 2024, the Compensation Committee of Tango Therapeutics' Board of Directors granted a non-qualified stock option to purchase 187,500 shares of its common stock and 31,250 restricted stock units (RSUs) to a new employee under Tango Therapeutics' 2023 Inducement Plan.

The Tango Therapeutics 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to such individual's entering into employment with Tango Therapeutics, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The options have an exercise price of $3.89 per share, which is equal to the closing price of Tango Therapeutics' common stock on December 2, 2024. Each option will vest as to 25% of the shares underlying such option on November 18, 2025 and as to an additional 1/36th of the remaining shares underlying the option monthly thereafter, in each case, subject to such employee's continued employment on each vesting date. The RSU award will vest as to: (i) 10,416 shares on or about November 12, 2025, (ii) 10,417 shares on or about November 9, 2026, and (iii) 10,417 shares on or about November 8, 2027, subject to such employee's continued employment on each vesting date. The options and RSUs are subject to the terms and conditions of Tango Therapeutics' 2023 Inducement Plan, which was approved in February 2023, and the terms and conditions of the stock option and RSU agreements covering the grant.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. This includes expanding the universe of precision oncology targets into novel areas such as tumor suppressor gene loss and their contribution to the ability of cancer cells to evade immune cell killing. For more information, please visit www.tangotx.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241203268375/en/

Investor:

Sam Martin/Andrew Vulis

Argot Partners

tango@argotpartners.com

Media:

Amanda Brown Galgay

SVP, Corporate Communications, Tango Therapeutics

media@tangotx.com

Source: Tango Therapeutics, Inc.

FAQ

What equity awards did Tango Therapeutics (TNGX) grant on December 2, 2024?

Tango Therapeutics granted 187,500 stock options at $3.89 per share and 31,250 RSUs to a new employee under its 2023 Inducement Plan.

What is the vesting schedule for TNGX's December 2024 stock option grant?

The stock options vest 25% on November 18, 2025, with the remaining shares vesting monthly over 36 months, subject to continued employment.

How will the RSUs granted by TNGX in December 2024 vest?

The RSUs will vest in three tranches: 10,416 shares in November 2025, 10,417 shares in November 2026, and 10,417 shares in November 2027.