SOUTH SAN FRANCISCO, CA--(Marketwire - December 01, 2008) - Theravance, Inc. (NASDAQ: THRX) today reported that equity awards were made to five new employees. Pursuant to Nasdaq Marketplace Rule 4350(i)(1)(A)(iv), the equity awards were granted under the Theravance, Inc. 2008 New Employee Equity Incentive Plan, which the Board of Directors of Theravance adopted to facilitate the granting of equity awards to new employees. In accordance with Nasdaq rules, these grants were made under an equity incentive plan without stockholder approval. Nasdaq rules require a public announcement of equity awards to be made under this type of plan. Five employees were granted equity awards to acquire an aggregate of 171,376 shares of the Company's common stock, of which 166,000 are stock options and 5,376 are restricted stock unit awards. These equity awards vest over approximately four years and the options expire in 10 years assuming continued employment. No executive officers received any award under this plan. The exercise price for the option shares granted is $6.15, which was the closing price of Theravance common stock on the Nasdaq Global Market as such price was reported by NASDAQ on the date of grant.
