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Tango Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Tango Therapeutics (TNGX) grants stock options and restricted stock units to a new employee under its 2023 Inducement Plan. The options have an exercise price of $7.64 per share and will vest over time, while the RSUs will vest in three annual installments. This move aims to attract and retain talent crucial for developing precision cancer medicines.
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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 April 1, 2024, the Compensation Committee of Tango Therapeutics' Board of Directors granted a non-qualified stock option to purchase 139,453 shares of its common stock and 23,698 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 $7.64 per share, which is equal to the closing price of Tango Therapeutics' common stock on April 1, 2024. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the employee’s start date and as to an additional 1/36th of the remaining shares underlying the option monthly thereafter, in each case, subject to each such employee's continued employment on each vesting date. The RSU award will vest in three equal annual installments, subject to the 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.
Media Contact:
Amanda Brown Galgay
SVP, Corporate Communications, Tango Therapeutics
media@tangotx.com
Source: Tango Therapeutics, Inc.
FAQ
What did Tango Therapeutics announce regarding stock options and RSUs?
Tango Therapeutics granted a non-qualified stock option to purchase 139,453 shares of its common stock and 23,698 RSUs to a new employee under its 2023 Inducement Plan.
What is the exercise price of the stock options?
The stock options have an exercise price of $7.64 per share, equal to the closing price of Tango Therapeutics' common stock on April 1, 2024.
How will the options vest?
Each option will vest as to 25% of the shares on the first anniversary of the employee’s start date and 1/36th of the remaining shares monthly thereafter, contingent on continued employment.
How will the RSUs vest?
The RSU award will vest in three equal annual installments, subject to the employee's continued employment on each vesting date.
When was the 2023 Inducement Plan approved?
The 2023 Inducement Plan was approved in February 2023.
