Portola Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
December 05 2017 - 4:14PM
Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) announced today that
on November 27, 2017, the Compensation Committee of the Board of
Directors approved, effective as of November 30, 2017, the grant of
inducement stock options to purchase an aggregate of 214,400 shares
of common stock to nine new employees, including the grant of an
inducement stock option to purchase 125,000 shares of common stock
granted to John Lawrence, the Company’s newly appointed Senior Vice
President, Chief Medical Officer. In addition, Portola granted to
Mr. Lawrence an award in the form of 5,000 restricted stock units.
Each stock option shall have an exercise price per share of
$50.75, the closing price per share of the Company’s Common Stock
on November 30, 2017, and will vest over four years, with 25% of
the shares vesting on the one-year anniversary of the applicable
vesting commencement date and the remaining shares vest ratably
over the subsequent 36 months, subject to each new employee's
continued service with the Company. Each stock option has a
ten-year term and is subject to the terms and conditions of the
Company's Inducement Plan and the stock option agreement pursuant
to which the option was granted. The shares subject to the
restricted stock unit award granted to Mr. Lawrence shall vest in
three equal annual installments over three years, with the first
installment vesting on March 1, 2019, in each case subject to Mr.
Lawrence’s continued service with the Company.
The stock options were granted as inducements material to the
new employees entering into employment with Portola in accordance
with NASDAQ Listing Rule 5635(c)(4).
About Portola Pharmaceuticals, Inc. Portola
Pharmaceuticals is a biopharmaceutical company developing product
candidates that could significantly advance the fields of
thrombosis and other hematologic diseases. The Company is advancing
its three wholly-owned programs using novel biomarker and genetic
approaches that may increase the likelihood of clinical, regulatory
and commercial success of its potentially life-saving therapies.
Portola's partnered program is focused on developing selective Syk
inhibitors for inflammatory conditions.
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Investor
Contact: |
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Media
Contact: |
Michele Mantynen |
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Patrick Ryan |
Portola
Pharmaceuticals |
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W2O Group |
ir@portola.com |
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pryan@w2ogroup.com |
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