T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems issues inducement awards to new employees

Positive

• T2 Biosystems issued inducement awards to nine new employees, consisting of option grants and restricted stock units. The options have an exercise price of $0.2320 and vest over a four-year period. The RSUs vest over a three-year period. The awards were approved by the compensation committee and granted as an inducement material to the new employees entering into employment with T2 Biosystems.

Negative

• None.

LEXINGTON, Mass., Oct. 06, 2023 (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 nine new employees.

The awards were made on October 2, 2023, under the T2 Biosystems’ Inducement Award Plan (the "Inducement Plan"), which was adopted on March 1, 2018 and amended and restated on February 16, 2023 and provides for the granting of equity awards to new employees of T2 Biosystems. The inducement awards consist of eight option grant awards to purchase an aggregate of 5,700 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’s Vice President of Operations, Joseph Traut. The exercise price of the options was $0.2320 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on October 2, 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. Traut’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, 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 Acinetobacter baumannii test, the Candida auris test, 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
ir@T2Biosystems.com
415-937-5406

FAQ

What is the purpose of the inducement awards?

The purpose of the inducement awards is to attract new employees to T2 Biosystems.

How many shares were included in the option grant awards?

The option grant awards included an aggregate of 5,700 shares of T2 Biosystems common stock.

Who received the grant of restricted stock units?

The grant of restricted stock units was given to the Company’s Vice President of Operations, Joseph Traut.

What is the exercise price of the options?

The exercise price of the options was $0.2320.

How long is the vesting period for the options and RSUs?

The options vest over a four-year period, while the RSUs vest over a three-year period.

Who approved the awards?

The awards were approved by the independent compensation committee of T2 Biosystems’ board of directors.