Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)
July 05 2023 - 3:05PM
Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq:
TERN), a clinical-stage biopharmaceutical company developing a
portfolio of small-molecule product candidates to address serious
diseases, including oncology, non-alcoholic steatohepatitis (NASH)
and obesity, today announced that it has granted as of July 1, 2023
equity inducement awards to five new employees under the terms of
the 2022 Employment Inducement Award Plan (the “Inducement Plan”).
The equity awards were approved by the Compensation Committee of
the Company’s Board of Directors in accordance with Nasdaq Listing
Rule 5635(c)(4) and were each made as a material inducement to the
employee’s acceptance of employment with Terns.
The Company granted to Debra Sieminski, the Company’s new senior
vice president of medical affairs, an option to purchase 150,000
shares of Terns common stock and to four other non-executive
employees, in the aggregate, options to purchase 134,000 shares of
Terns common stock.
The options have a 10-year term and an exercise price per share
equal to $8.75, which was the closing price of Terns’ common stock
on June 30, 2023, the last trading day prior to grant date. The
options vest over four years, subject to continued service through
the applicable vesting dates.
About Terns PharmaceuticalsTerns
Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company
developing a portfolio of small-molecule product candidates to
address serious diseases, including oncology, NASH and obesity.
Terns’ pipeline includes two clinical stage development programs
including an allosteric BCR-ABL inhibitor and a THR-β agonist (+/-
an FXR agonist), and preclinical small-molecule GLP-1 receptor
agonist and GIPR modulator programs. For more information, please
visit: www.ternspharma.com.
Contacts for Terns
InvestorsJustin Nginvestors@ternspharma.com
MediaJenna UrbanBerry & Company Public
Relationsmedia@ternspharma.com
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