On May 19, 2023 Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage oncology company developing first-in-class1 therapeutics that combine both targeted and immune-mediated mechanisms, reported that the Compensation Committee of the company’s Board of Directors granted one employee a nonqualified stock option to purchase 12,600 shares of its common stock with an exercise price equal to the closing price of Tempest’s common stock on May 15, 2023, the grant date of the award (Press release, Tempest Therapeutics, MAY 19, 2023, View Source [SID1234631883]). The stock option was granted as an inducement award material to the individual entering into employment with Tempest, in accordance with Nasdaq Listing Rule 5635(c)(4).

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The stock option will vest over a four-year period, with 25% of the option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The option is subject to the terms and conditions of Tempest’s Amended and Restated 2019 Equity Incentive Plan and the stock option agreement covering the grant.