SAN DIEGO, Aug. 19, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on
August 15, 2020, the Compensation
Committee of its Board of Directors granted to five new employees
inducement stock options to purchase an aggregate of 15,275 shares
of its common stock and 3,440 inducement restricted stock units
("RSUs"). The inducement stock options and RSUs have a grant date
and vesting commencement date of August 15,
2020, and were granted as inducements material to the new
employees entering into employment with Arena in accordance with
Nasdaq Listing Rule 5635(c)(4).
The inducement stock options are non-qualified stock options,
have a seven-year term, have an exercise price of $63.59 per share, the closing price of Arena's
common stock on the last trading date preceding the grant date, 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 substantially 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 RSUs vest over four years, with 25%
of the shares vesting on the first quarterly vesting date on or
following the one-year anniversary of the vesting commencement date
and the remaining 75% of the shares vesting in 12 substantially
equal quarterly installments occurring on the following 12
quarterly vesting dates, subject to the new employee's continued
service with Arena through the applicable vesting dates. The
inducement stock options and inducement RSUs are subject to the
terms and conditions of Arena's Amended and Restated 2020 Long-Term
Incentive Plan.
About Arena Pharmaceuticals
ARENA
Pharmaceuticals is a team with a singular purpose – deliver
our important medicines to patients.
In a rapidly changing global market, we work with a sense of
urgency every day to understand the needs of all our stakeholders,
identify bold, sometimes disruptive, ideas to get our medicines to
patients, and relentlessly execute until it's done.
ARENA - Care More. Act Differently.
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
purpose, work, understanding, ideas, and execution. 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/arena-pharmaceuticals-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301115116.html
SOURCE Arena Pharmaceuticals, Inc.