Portola Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
April 04 2018 - 8:30AM
Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) announced today that
on March 29, 2018, the Compensation Committee of the Board of
Directors approved, effective as of March 30, 2018, the grant to
four new employees of (i) inducement stock options to purchase an
aggregate of 153,300 shares of common stock, including the grant of
an inducement stock option to purchase 125,000 shares of common
stock granted to John Moriarty, the Company’s newly appointed
Executive Vice President and General Counsel, and (ii) awards of
39,150 restricted stock units in the aggregate, including an award
to Mr. Moriarty of 25,000 restricted stock units.
Each stock option shall have an exercise price per share of
$32.66, the closing price per share of the Company’s Common Stock
on March 29, 2018, 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 vesting ratably
over the subsequent 36 months, subject to each new employee’s
continued service with the Company. Each stock option has a 10-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 awards granted other than to Mr. Moriarty shall vest in three
equal annual installments over three years, with the first
installment vesting on September 1, 2019. The shares subject to the
restricted stock unit award granted to Mr. Moriarty 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.
Moriarty’s continued service with the Company.
The awards 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’s first medicine Bevyxxa®
(betrixaban), an oral, once-daily Factor Xa inhibitor, was approved
by the U.S. Food and Drug Administration in June 2017. The company
is also working to advance two clinical programs for andexanet
alfa, a recombinant protein designed to reverse the anticoagulant
effect in patients treated with an oral or injectable Factor Xa
inhibitor; and cerdulatinib, a SYK/JAK inhibitor in development to
treat hematologic cancers. Portola's partnered program is focused
on developing selective SYK inhibitors for inflammatory conditions.
For more information, visit http://www.portola.com and follow the
Company on Twitter @Portola_Pharma.
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Investor
Contact: |
Media
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Cara Miller |
Laurie Masonson |
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Portola
Pharmaceuticals |
Pure
Communications |
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ir@portola.com |
lmasonson@purecommunications.com |
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