XenoPort, Inc. Announces New Employment Inducement Awards

SANTA CLARA, Calif.--(BUSINESS WIRE)--XenoPort, Inc. reported today that equity awards were made to a new employee subject to the terms and conditions of the XenoPort 2010 Inducement Award Plan. The employee was granted options to purchase an aggregate of 75,000 shares of XenoPort's common stock and restricted stock units representing an aggregate of 5,000 shares of XenoPort’s common stock. The stock options have a per share exercise price of $9.51, the closing trading price of XenoPort’s common stock on the Nasdaq Global Select Market on the July 1, 2010 grant date. The stock options have a ten-year term and vest over four years, with 25% cliff vesting on the first anniversary of the employee’s date of hire and 1/48th of the options vesting monthly thereafter. The restricted stock units vest in four equal annual installments on anniversaries of the July 1, 2010 grant date. The equity awards were approved by the independent compensation committee of XenoPort’s board of directors and were granted as an inducement material to the new employee entering into employment with XenoPort in accordance with Nasdaq Market Place Rule 5635(c)(4).