ARIAD Reports Inducement Grant to New Chief Financial Officer
March 22 2016 - 7:35AM
Business Wire
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) today reported the
grant of an inducement award to its new Chief Financial Officer,
Manmeet S. Soni. The award was approved by the Compensation
Committee and ratified by the full Board of Directors on March 8,
2016, as an inducement material to Mr. Soni’s entering into
employment with the Company in accordance with NASDAQ Listing Rule
5635(c)(4). The award was approved subject to Mr. Soni’s
commencement of employment with the Company on March 21,
2016.
The inducement award consists of a grant of performance-based
share units (“PSUs”) for 150,000 shares of common stock and a
non-qualified stock option to purchase 550,000 shares of common
stock. A percentage of the PSUs, ranging from 0 to 160 percent,
will be earned based on the relative total shareholder return of
the Company’s stock price compared to selected companies in the
NASDAQ Biotechnology Index over a three year period ending December
31, 2018. The stock option has an exercise price of $6.47 (the
closing price on the date of grant, March 21, 2016) and a ten-year
term, and will vest as to 25% of the award on the first anniversary
of grant and monthly thereafter for thirty-six months. The vesting
of the inducement award is subject to Mr. Soni’s continued
employment and the terms of his employment agreement.
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge,
Massachusetts and Lausanne, Switzerland, is an orphan oncology
company focused on transforming the lives of cancer patients with
breakthrough medicines. ARIAD is working on new medicines to
advance the treatment of various forms of chronic and acute
leukemia, lung cancer and other difficult-to-treat orphan cancers.
ARIAD utilizes computational and structural approaches to design
small-molecule drugs that overcome resistance to existing cancer
medicines. For additional information, visit
http://www.ariad.com
or follow ARIAD on Twitter (@ARIADPharm).
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version on businesswire.com: http://www.businesswire.com/news/home/20160322005347/en/
ARIAD Pharmaceuticals, Inc.For InvestorsMaria Cantor,
617-621-2208Maria.cantor@ariad.comorFor MediaLiza Heapes,
617-621-2315Liza.heapes@ariad.com
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