Exelixis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
January 03 2017 - 6:07PM
Business Wire
Exelixis, Inc. (NASDAQ:EXEL) announced that today it granted
restricted stock unit awards (RSUs) representing an aggregate of
17,750 shares of Exelixis common stock, and stock options to
purchase an aggregate of 35,500 shares of Exelixis common stock to
11 new employees. Each RSU vests as to 1/4th of the shares
subject to the RSU on the first established RSU vesting date
following the one-year anniversary of the employee's date of hire
and thereafter as to 1/4th of the original number of shares subject
to the RSU every year thereafter over a total of four years until
fully-vested, subject to such employee's continued service with
Exelixis on each such date. The stock options have an exercise
price of $14.91 per share, which is equal to the closing price of
Exelixis’ common stock on December 30, 2016. Each stock option has
a seven year term and vests as to 1/4th of the original number of
shares subject to the stock option on the one-year anniversary of
the employee's date of hire and thereafter as to 1/48th of the
original number of shares subject to the stock option every month
thereafter over a total of four years, subject to such employee’s
continued service with Exelixis on each such date.
The RSUs and stock options are subject to the terms and
conditions of the Exelixis 2016 Inducement Award Plan and were
granted as an inducement material to the new employees' entering
into employment with Exelixis in accordance with NASDAQ Listing
Rule 5635(c)(4).
In support of the launch of CABOMETYX™ (cabozantinib) tablets
and the continued growth of the company, Exelixis adopted the 2016
Inducement Award Plan to better position the company in recruiting
top talent in a highly competitive hiring environment within the
biopharmaceutical industry.
About Exelixis
Exelixis, Inc. (NASDAQ:EXEL) is a biopharmaceutical company
committed to the discovery, development and commercialization of
new medicines with the potential to improve care and outcomes for
people with cancer. Since its founding in 1994, three medicines
discovered at Exelixis have progressed through clinical development
to receive regulatory approval. Currently, Exelixis is focused on
advancing cabozantinib, an inhibitor of multiple tyrosine kinases
including MET, AXL and VEGF receptors, which has shown clinical
anti-tumor activity in more than 20 forms of cancer and is the
subject of a broad clinical development program. Two separate
formulations of cabozantinib have received regulatory approval to
treat certain forms of kidney and thyroid cancer and are marketed
for those purposes as CABOMETYX™ tablets (U.S. and EU) and
COMETRIQ® capsules (U.S. and EU), respectively. Another
Exelixis-discovered compound, COTELLIC® (cobimetinib), a selective
inhibitor of MEK, has been approved in major territories including
the United States and European Union, and is being evaluated for
further potential indications by Roche and Genentech (a member of
the Roche Group) under a collaboration with Exelixis. For more
information on Exelixis, please visit www.exelixis.com or follow
@ExelixisInc on Twitter.
Exelixis, the Exelixis logo, COMETRIQ and COTELLIC are
registered U.S. trademarks, and CABOMETYX is a U.S. trademark.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103006370/en/
Exelixis, Inc.Susan Hubbard, 650-837-8194EVP, Public Affairs and
Investor Relationsshubbard@exelixis.comorFor Exelixis, Inc.Hal
Mackins, 415-994-0040hal@torchcomllc.com
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