Full Press Release Details
DALLAS--(BUSINESS WIRE)--Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced the issuance of equity inducement awards as required by the Nasdaq Stock Market Rules.
In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte’s Board of Directors approved the grant of equity awards in the form of options to purchase a total of 50,000 shares of its common stock, and restricted stock units representing 50,000 shares of its common stock, to a new non-executive employee as a material inducement to such individual accepting employment with the Company. The option award shall vest over four years, with twenty-five percent vesting on the one-year anniversary of the applicable optionee’s employment commencement date and the remaining seventy-five percent vesting in approximately equal monthly increments over the succeeding thirty-six months, subject to the individual’s continuous employment through each vesting date. The restricted stock unit award shall vest over four years, with twenty-five percent vesting yearly on the anniversary of the grantee’s employment commencement date such that all shares shall be fully vested on the four year anniversary of the vesting commencement date, subject to such grantee employee’s continuous employment through each vesting date.
The inducement awards were made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements.
About Forte
Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on developing FB102, which is a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications.
Source: Forte Biosciences, Inc.