Exelixis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
April 04 2017 - 04:05PM
Business Wire
Exelixis, Inc. (Nasdaq:EXEL) announced that today it granted
restricted stock unit awards (RSUs) representing an aggregate of
26,750 shares of Exelixis common stock and stock options to
purchase an aggregate of 53,500 shares of Exelixis common stock to
9 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 $21.67 per share, which is equal to the closing price of
Exelixis’ common stock on March 31, 2017. 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 each new employee’s acceptance
of 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 to improve care and outcomes for people with cancer.
Since its founding in 1994, three products discovered at Exelixis
have progressed through clinical development, received regulatory
approval, and entered the marketplace. Two are derived from
cabozantinib, an inhibitor of multiple tyrosine kinases including
MET, AXL and VEGF receptors: CABOMETYX™ tablets approved for
previously treated advanced kidney cancer and COMETRIQ® capsules
approved for progressive, metastatic medullary thyroid cancer. The
third product, COTELLIC®, is a formulation of cobimetinib, a
selective inhibitor of MEK, is marketed under a collaboration with
Genentech (a member of the Roche Group), and is approved as part of
a combination regimen to treat advanced melanoma. Both cabozantinib
and cobimetinib have shown potential in a variety of forms of
cancer and are the subjects of broad clinical development programs.
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/20170404006405/en/
Exelixis, Inc.Susan Hubbard, 650-837-8194Executive Vice
President, Public Affairs & Investor
Relationsshubbard@exelixis.comorFor Exelixis, Inc.Hal Mackins,
415-994-0040hal@torchcomllc.com
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