T2 Biosystems Reports Granting of Inducement Award
October 06 2023 - 4:07PM
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
Groupir@T2Biosystems.com 415-937-5406
T2 Biosystems (NASDAQ:TTOO)
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