Michael Raab - Jun 25, 2021 Form 4 Insider Report for Millendo Therapeutics, Inc. (TPST)

Role
Director
Signature
/s/ Pierre Lorenzo, attorney-in-fact for Michael Raab
Stock symbol
TPST
Transactions as of
Jun 25, 2021
Transactions value $
$0
Form type
4
Date filed
6/29/2021, 09:55 PM
Previous filing
Jun 14, 2021
Next filing
Aug 5, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction TPST Stock Option (Right to Buy) Award +16.8K 16.8K Jun 25, 2021 Common Stock 16.8K $4.97 Direct F1, F2
transaction TPST Stock Option (Right to Buy) Award +9.66K 9.66K Jun 25, 2021 Common Stock 9.66K $5.90 Direct F1, F3
transaction TPST Stock Option (Right to Buy) Award +4.83K 4.83K Jun 25, 2021 Common Stock 4.83K $10.25 Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 In connection with the merger of Millendo Therapeutics, Inc. ("Millendo") and private company Tempest Therapeutics, Inc. ("Tempest"), pursuant to the Agreement and Plan of Merger dated March 29, 2021 (the "Merger Agreement"), which closed on June 25, 2021 ("Closing"), (i) each share of Tempest's common stock converted into the right to receive approximately 0.0322 shares of Millendo common stock (the "Exchange Ratio"), and (ii) each outstanding and unexercised option to purchase shares of Tempest common stock converted into an option to purchase shares of Millendo's common stock, with necessary adjustments to reflect the Exchange Ratio but otherwise the same terms and conditions. The Exchange Ratio gives effect to the 15-to-1 reverse stock split of Millendo's common stock. On the Closing date, the closing price of Millendo common stock was $1.06 (unadjusted). Upon Closing, Millendo was renamed "Tempest Therapeutics, Inc."
F2 These stock options vest in a series of 48 equal monthly installments measured from the vesting commencement date of January 1, 2019, subject to the reporting person's continued service. These stock options provide for an early exercise provision of unvested shares, subject to the Issuer's right to repurchase.
F3 These stock options vest in a series of 48 equal monthly installments measured from the vesting commencement date of February 20, 2020, subject to the reporting person's continued service.
F4 These stock options vest in a series of 48 equal monthly installments measured from the vesting commencement date of March 5, 2021, subject to the reporting person's continued service.