Arena Pharmaceuticals Reported Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, Dec. 18, 2020 /PRNewswire/ --Arena Pharmaceuticals, Inc., Inc. (Nasdaq: ARNA) today announced that on December 15, 2020, the Compensation Committee of its Board of Directors granted to five new employees inducement stock options to purchase an aggregate of 141,975 shares of its common stock and 2,460 inducement restricted stock units ("RSUs"). The inducement stock options and RSUs have a grant date and vesting commencement date of December 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 $71.26 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
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.
Megan E. Knight
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SOURCE Arena Pharmaceuticals, Inc.
Company Codes: NASDAQ-NMS:ARNA