SAN DIEGO, Sept. 18, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on
September 15, 2020, the Compensation
Committee of its Board of Directors granted to nine new employees
inducement stock options to purchase an aggregate of 68,825 shares
of its common stock and 12,420 inducement restricted stock units
("RSUs"). The inducement stock options and RSUs have a grant date
and vesting commencement date of September
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 $69.25 per share, the closing price of Arena's
common stock on 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
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SOURCE Arena Pharmaceuticals, Inc.