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

Rhea-AI Summary

Tango Therapeutics (NASDAQ: TNGX) announced the grant of non-qualified stock options and restricted stock units (RSUs) totaling 637,000 shares and 106,250 RSUs, respectively, to two new employees as part of its 2023 Inducement Plan. This includes 487,500 stock options and 81,250 RSUs awarded to Adam Crystal, M.D., Ph.D., following his appointment as President of Research and Development. The options have an exercise price of $5.20 per share, aligning with the stock's closing price on the grant date, March 1, 2023. The vesting schedules for both options and RSUs are contingent upon continued employment.

BOSTON, March 06, 2023 (GLOBE NEWSWIRE) -- 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 March 1, 2023, the Compensation Committee of Tango Therapeutics' Board of Directors granted non-qualified stock options to purchase an aggregate of 637,000 shares of its common stock and an aggregate of 106,250 restricted stock units (RSUs) to two new employees under Tango Therapeutics' 2023 Inducement Plan; including 487,500 stock options and 81,250 RSUs to Adam Crystal, M.D., Ph.D. in connection with his acceptance of employment as Tango Therapeutics’ President of Research and Development.

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 $5.20 per share, which is equal to the closing price of Tango Therapeutics' common stock on March 1, 2023. Each option will vest as to 25% of the shares underlying such option on February 27, 2024 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. Each RSU will vest as to one-third of the shares on February 5, 2024, (ii) one-third of the shares on February 3, 2025 and (iii) the final one-third of the shares on February 2, 2026, subject to each 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.

Investor Contact:
Sam Martin/Andrew Vulis
Argot Partners
tango@argotpartners.com

Media Contact:
Joshua R. Mansbach
Argot Partners
tango@argotpartners.com

FAQ

What did Tango Therapeutics announce on March 6, 2023?

On March 6, 2023, Tango Therapeutics announced the grant of stock options and restricted stock units to new employees, including Adam Crystal, M.D., Ph.D., as part of its 2023 Inducement Plan.

What is the exercise price of the stock options granted by TNGX?

The exercise price of the stock options granted by Tango Therapeutics is $5.20 per share.

How many stock options were granted to Adam Crystal by TNGX?

Adam Crystal was granted 487,500 stock options as part of his employment.

What is the purpose of the 2023 Inducement Plan by Tango Therapeutics?

The 2023 Inducement Plan is designed to grant equity awards to individuals as an inducement for joining Tango Therapeutics.

When will the stock options and RSUs granted by TNGX vest?

Stock options will vest 25% on February 27, 2024, and monthly thereafter, while the RSUs will vest one-third each on February 5, 2024, February 3, 2025, and February 2, 2026.