XenoPort Announces New Employment Inducement Awards
SANTA CLARA, Calif. -- June 7, 2013
XenoPort, Inc. (Nasdaq: XNPT) reported today that equity awards were made to
five new employees subject to the terms and conditions of the XenoPort 2010
Inducement Award Plan. The employees were granted stock options to purchase an
aggregate of 16,500 shares of XenoPort's common stock and restricted stock
units representing an aggregate of 15,400 shares of XenoPort’s common stock.
Of the stock options, 6,500 have a per share exercise price of $5.57, the
closing trading price of XenoPort’s common stock on the Nasdaq Global Select
Market on the June 3, 2013 grant date, and 10,000 have a per share exercise
price of $5.31, the closing trading price on the June 5, 2013 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 1/48^th of
the options vesting monthly thereafter. The restricted stock units vest in
four equal annual installments on June 3 of each year. 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 employees
entering into employment with XenoPort in accordance with Nasdaq Market Place
XenoPort, Inc. is a biopharmaceutical company focused on developing and
commercializing a portfolio of internally discovered product candidates for
the potential treatment of neurological disorders. Horizant^® (gabapentin
enacarbil) Extended-Release Tablets is approved and being marketed in the
United States by XenoPort. Regnite^® (gabapentin enacarbil) Extended-Release
Tablets is approved and being marketed in Japan by Astellas Pharma Inc.
XenoPort holds all other world-wide rights to gabapentin enacarbil. XenoPort's
pipeline of product candidates includes potential treatments for patients with
Parkinson's disease, relapsing-remitting multiple sclerosis and psoriasis.
Horizant, Regnite and XENOPORT are registered trademarks of XenoPort, Inc.
Jackie Cossmon, 408-616-7220
Press spacebar to pause and continue. Press esc to stop.