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 to purchase a total of 70,000 shares of common stock to new non-executive employees as a material inducement to such individuals accepting employment with the Company, with each such award vesting 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 Inducement Awards were made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements and will have terms and conditions generally consistent with those of Forte’s 2021 Equity Incentive Plan.
About Forte
Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company that is advancing its product candidate, FB102, which is a proprietary molecule with potentially broad autoimmune and autoimmune-related applications including in such indications as graft-versus-host disease, vitiligo and alopecia areata.
Source: Forte Biosciences, Inc.