SAN DIEGO, March 18, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on
March 12, 2020, the Compensation
Committee of its Board of Directors approved inducement stock
options and inducement performance restricted stock units ("PRSUs")
to new employees that were granted as inducement material to the
new employees entering into employment with Arena in accordance
with Nasdaq Listing Rule 5635(c)(4). These grants include:
- Options to purchase an aggregate of 132,000 shares of its
common stock to Joan Schmidt,
Executive Vice President, General Counsel and Secretary, with a
grant date and vesting commencement date of March 15, 2020, and an exercise price of
$41.25 per share, the closing price
of Arena's common stock on March 13,
2020 (which is the last date preceding the grant date on
which the closing price of Arena's common stock was reported);
- Options to purchase an aggregate of 132,000 shares of its
common stock to Laurie Stelzer,
Executive Vice President and Chief Financial Officer, with a grant
date and vesting commencement date of March
16, 2020, and an exercise price of $36.33 per share, the closing price of Arena's
common stock on the grant date;
- PRSUs to Ms. Stelzer at a target amount of 6,300 shares and
with a grant date of March 16, 2020;
and
- Options to purchase an aggregate of 31,200 shares of its common
stock to seven new employees, with a grant date and vesting
commencement date of March 15, 2020,
and an exercise price of $41.25 per
share, the closing price of Arena's common stock on March 13, 2020 (which is the last date preceding
the grant date on which the closing price of Arena's common stock
was reported).
The inducement stock options are non-qualified stock options,
have a seven-year term and vest over four years, with 25% of the
shares vesting on the one-year anniversary of the vesting
commencement date and the remaining 75% of the shares vesting in
equal monthly installments over the following 36 months, subject to
the new employee's continued service with Arena through the
applicable vesting dates. The inducement PRSUs represent a
contingent right to receive a number of shares of Arena's common
stock equal to 200% of the number of target PRSUs, which shares
shall vest, if at all, upon the closing price of Arena's common
stock reaching certain thresholds during the performance period
from the grant date through January 3,
2022 and satisfaction of a continuing service requirement.
The inducement stock options and inducement PRSUs are subject to
the terms and conditions of Arena's Amended and Restated 2017
Long-Term Equity Incentive Plan.
About Arena Pharmaceuticals
Arena
Pharmaceuticals is uniquely positioned to develop
best-in-disease medicines with optimized efficacy and safety for
patients globally. Our drive to deliver a robust pipeline of novel,
transformational medicines is grounded in two decades of world
class G-protein-coupled receptor (GPCR) discovery research.
It is the breadth and depth of our portfolio, prioritization of
drug development to meet unmet patient needs, strong financial
health and growing, bold-thinking world-class team that gives Arena
the ingredients and passion to build a sustainable, vibrant
next-generation pharmaceutical company.
Forward-Looking Statements
Certain statements in this
press release are forward-looking statements that involve a number
of risks and uncertainties. Such forward-looking statements include
statements about Arena's position, drive, portfolio,
prioritization, financial position, team, and building of the
company. For such statements, Arena claims the protection of the
Private Securities Litigation Reform Act of 1995. Actual events or
results may differ materially from Arena's expectations. Factors
that could cause actual results to differ materially from the
forward-looking statements include those disclosed in Arena's
filings with the Securities and Exchange Commission. These
forward-looking statements represent Arena's judgment as of the
time of this release. Arena disclaims any intent or obligation to
update these forward-looking statements, other than as may be
required under applicable law.
Corporate Contact:
Megan E.
Knight
Arena Pharmaceuticals, Inc.
Director, Investor Relations
mknight@arenapharm.com
858.210.3635
Arena Media Contact:
IR@arenapharm.com
858-453-7200
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SOURCE Arena Pharmaceuticals, Inc.