T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in rapid pathogen detection, announced the issuance of inducement awards to fourteen new employees on January 30, 2023. These awards, part of the company’s Inducement Award Plan, include thirteen option grants totaling 6,220 shares and one grant of restricted stock units (RSUs) covering 40,000 shares to VP Steve Miller. The options have an exercise price of $1.59, the closing price on the award date, and vest over four years. The award was approved by the independent compensation committee and aligns with Nasdaq Marketplace Rule 5635(c)(4).

Positive

• Inducement awards to 14 new employees demonstrate company growth and hiring.
• Equity awards may enhance employee retention and motivation.

Negative

• None.

LEXINGTON, Mass., Feb. 03, 2023 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) a leader in the rapid detection of sepsis-causing pathogens, and antibiotic resistance genes, announced today that it issued inducement awards to fourteen new employees.

The awards were made on January 30, 2023, under the T2 Biosystems’ Inducement Award Plan (the "Inducement Plan"), which was adopted on March 1, 2018 and amended and restated on December 17, 2021 and provides for the granting of equity awards to new employees of T2 Biosystems. The inducement awards consist of thirteen option grant awards to purchase an aggregate of 6,220 shares of T2 Biosystems common stock and one grant of restricted stock units (“RSUs”) covering 40,000 shares of the Company’s common stock granted to the Company Vice President of Operations, Steve Miller. The exercise price of the options was $1.59 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on January 30, 2023. The options vest over a four-year period, with 25% vesting on the first anniversary of the employee’s date of hire and the remainder vesting in equal monthly installments over the three years thereafter. Subject to Mr. Miller’s continued service to the Company, one third of the RSUs shall vest on each of the first two anniversaries of the grant date and the remainder shall vest on the third anniversary of the grant date. The stock options and the RSU’s each have a ten-year term. The award was approved by the independent compensation committee of T2 Biosystems’ board of directors and was granted as an inducement material to the new employee entering into employment with T2 Biosystems in accordance with Nasdaq Marketplace Rule 5635(c)(4).

About T2 Biosystems:

T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx^® Instrument, the T2Bacteria^® Panel, the T2Candida^® Panel, the T2Resistance^® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR^®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the T2Cauris™ Panel, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit www.t2biosystems.com.

Investor Contact:
Philip Trip Taylor, Gilmartin Group
philip@gilmartinIR.com
415-937-5406

 

FAQ

What is T2 Biosystems' recent press release about?

T2 Biosystems announced the issuance of inducement awards to 14 new employees on January 30, 2023.

What were the details of the inducement awards issued by T2 Biosystems?

The awards included 6,220 shares through options and 40,000 shares via RSUs, with an exercise price of $1.59.

How do the inducement awards affect T2 Biosystems employees?

The inducement awards are designed to attract and retain talent, motivating employees in their new roles.

What rule governs the inducement awards at T2 Biosystems?

The awards were granted in accordance with Nasdaq Marketplace Rule 5635(c)(4).

What is the significance of the exercise price of the options granted by T2 Biosystems?

The options have an exercise price of $1.59, reflecting the closing price of the company's stock on the award date.