T2 Biosystems Reports Granting of Inducement Awards

Rhea-AI Summary

T2 Biosystems, Inc. (NASDAQ: TTOO) announced the issuance of inducement awards to twelve new employees on July 25, 2022. The awards, under the company's Inducement Award Plan, include options to purchase 225,000 shares of common stock at an exercise price of $0.137, equivalent to the closing price on the award date. The options will vest over four years, with 25% vesting on the first anniversary and the remainder monthly thereafter. This initiative aims to enhance employee retention and attract talent while adhering to Nasdaq rules.

Positive

• Issuance of inducement awards may help attract and retain talent.
• The options cover 225,000 shares, indicating a commitment to growth and employee incentives.

Negative

• None.

LEXINGTON, Mass., July 29, 2022 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ: TTOO) a leader in the rapid detection of sepsis-causing pathogens, announced today that it issued inducement awards to twelve new employees.

The awards were made on July 25, 2022, 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 options to purchase 225,000 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $0.137 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on July 25, 2022. 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. 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, 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, T2Candida^® Panel, the T2Bacteria^® 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 T2Cauris^™ Panel, and T2Lyme^™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.

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

FAQ

What are T2 Biosystems' recent employee inducement awards?

T2 Biosystems issued inducement awards to twelve new employees on July 25, 2022, consisting of options to purchase 225,000 shares of common stock.

What is the exercise price for T2 Biosystems' stock options?

The exercise price for the options granted on July 25, 2022, is $0.137, which matches the closing price of the stock on that date.

How long do T2 Biosystems' stock options take to vest?

The stock options vest over four years, with 25% vesting on the first anniversary of hire and the rest in equal monthly installments over the subsequent three years.

What is the purpose of T2 Biosystems' Inducement Award Plan?

The Inducement Award Plan is designed to grant equity awards to new employees as a means to attract and retain talent.