Arena Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
April 16 2021 - 6:35PM
Business Wire
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that
on April 15, 2021, the Compensation Committee of its Board of
Directors granted to 17 new employees inducement stock options to
purchase an aggregate of 50,785 shares of its common stock and
20,490 inducement restricted stock units ("RSUs"). The inducement
stock options and RSUs have a grant date and vesting commencement
date of April 15, 2021 and were granted as inducements material to
the new employees entering 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 $67.99 per share,
the closing price of Arena's common stock on the last trading day
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 designated
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 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210416005579/en/
Corporate Contacts: Patrick Malloy Arena Pharmaceuticals,
Inc. Vice President, Investor Relations & Corporate
Communications pmalloy@arenapharm.com 847.987.4878
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