ARIAD Reports Inducement Grant to New Chief Executive Officer
January 15 2016 - 7:35AM
Business Wire
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) today reported the
grant of an inducement award to its new Chief Executive Officer,
Paris Panayiotopoulos. The award was approved by the Compensation
Committee and ratified by the full Board of Directors on December
16, 2015, as an inducement material to Mr. Panayiotopoulos’
entering into employment with the Company in accordance with NASDAQ
Listing Rule 5635(c)(4). The award was approved subject to Mr.
Panayiotopoulos’ commencement of employment with the Company on
January 4, 2016, and in consultation with and upon the advice and
recommendation of the Compensation Committee’s independent
compensation consultant.
The inducement award consists of a non-qualified stock option to
purchase 1,500,000 shares of common stock and restricted stock
units (“RSUs”) for 200,000 shares of common stock. The stock option
has an exercise price of $5.34 (the closing price on the date of
grant, January 13, 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, subject to Mr. Panayiotopoulos’
continued employment and the terms of his employment agreement. The
RSUs will vest in three approximately equal installments on the
six, twelve and eighteen-month anniversaries of grant.
In addition to the inducement award, pursuant to his employment
agreement Mr. Panayiotopoulos will purchase $500,000 worth of
shares of ARIAD common stock within 12 months from his start date
at a price per share equal to the closing price on each purchase
date.
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge,
Massachusetts and Lausanne, Switzerland, is an integrated global
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 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/20160115005334/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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