Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that the Compensation Committee of its Board of Directors granted inducement restricted stock units ("RSUs") to new employees. The inducement RSUs have a grant date and vesting commencement date of January 15, 2022 and were granted as inducements material to the new employees entering employment with Arena in accordance with Nasdaq Listing Rule 5635(c)(4). These grants included:
- RSUs to Malcolm Crooks, Senior Vice President, Head of International, at an amount of 15,111 shares, approved by the Compensation Committee on January 11, 2022; and
- 20,218 RSUs to 21 new employees, approved by the Compensation Committee on January 11, 2022.
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, except in the case of a qualifying termination following a change in control. The inducement RSUs are subject to the terms and conditions of Arena's Amended and Restated 2021 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.
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.
Arena Pharmaceuticals, Inc.
Vice President, Investor Relations & Corporate Communications