XenoPort Announces New Employment Inducement Awards
SANTA CLARA, Calif. -- July 5, 2013
XenoPort, Inc. (Nasdaq: XNPT) reported today that equity awards were made to
three 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 12,000 shares of XenoPort's common stock and restricted stock
units representing an aggregate of 10,900 shares of XenoPort’s common stock.
The stock options have a per share exercise price of $4.92, the closing
trading price of XenoPort’s common stock on the Nasdaq Global Select Market on
the July 1, 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
anniversaries of the July 1, 2013 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 employees entering into
employment with XenoPort in accordance with Nasdaq Market Place Rule
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
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