PHOENIX, Dec. 20,
2022 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company"), (www.senestech.com) the rodent
fertility control experts and inventors of the only EPA registered
contraceptive for male and female rats, ContraPest®, today reported
the grant of inducement equity awards outside of the Company's 2018
Equity Incentive Plan to Joel
Fruendt, its newly appointed Chief Executive Officer and two
other newly hired employees. The grants were approved by the
Compensation Committee of the Board of Directors as inducements
material to Mr. Fruendt and two others entering into employment
with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).
The inducement grant to Mr. Fruendt consisted of (i) 18,799
restricted stock units (RSUs) of SenesTech's common stock and (ii)
time-based stock options (Options) to purchase 71,500 shares of
SenesTech's common stock. The RSUs will vest quarterly over a
12-month period, with one quarter of the RSUs vesting each quarter.
The Options shall vest monthly over a three-year period and have a
five-year term. The Options will have an exercise price of
$2.66 per share, equal to the per
share closing price of SenesTech's common stock as reported by
Nasdaq on December 14, 2022.
The inducement grant to two other newly hired employees,
Dan Palasky, Chief Technical
Officer, and Alice Myton, VP and
Corporate Controller, consist of Options to purchase 26,500 and
1,000 shares of SenesTech's common stock, respectively. The Options
shall vest monthly over a three-year period and have a five-year
term. The Options will have an exercise price of $2.66 per share, equal to the per share closing
price of SenesTech's common stock as reported by Nasdaq on
December 14, 2022.
About SenesTech
We are the experts in rat fertility
control. Our passion is to create a healthy environment by better
controlling rat pest populations. We keep an inescapable truth in
mind. Two rats and their descendants can be responsible for the
birth of up to 15,000 pups after a year. We invented ContraPest,
the only U.S. EPA registered contraceptive for male and female
rats. ContraPest fits seamlessly into all integrated pest
management programs, greatly improving the overall goal of
effective rat management. We strive for clean cities, efficient
businesses, and happy households – with a product that was designed
to be effective and sustainable without killing rats. At SenesTech,
we are committed to improving the health of the world by humanely
managing animal populations through fertility control.
For more information visit https://senestech.com/ and
https://contrapeststore.com.
CONTACT:
Investors: Robert Blum, Joe
Dorame, Joe Diaz, Lytham Partners, LLC,
602-889-9700, senestech@lythampartners.com
Company: Tom Chesterman, Chief Financial Officer,
SenesTech, Inc.,
928-779-4143
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SOURCE SenesTech, Inc.