EAST BRUNSWICK, N.J., May 2, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it has granted time-based and performance-based options to purchase shares of common stock to Richard Crowley, the Company's newly appointed Executive Vice President of Biopharmaceutical Operations. The grants were made pursuant to the NASDAQ inducement grant exception as components of Mr. Crowley's employment compensation. The inducement grants were approved by the Company's Board of Directors on March 22, 2011 and are being made as an inducement material to Mr. Crowley's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). Savient previously announced that Mr. Crowley has been appointed Executive Vice President of Biopharmaceutical Operations effective April 30, 2011.
The performance-based stock option is for the purchase of 50,000 shares of the Company's common stock with an exercise price equal to the closing price of the Company's common stock on April 29, 2011. The option has a ten-year term and will vest and become exercisable upon the satisfaction of the performance conditions agreed upon by Mr. Crowley and the Company's Board of Directors. In the event of the termination of Mr. Crowley's employment by the Company without "cause" (as such term is defined in the employment agreement between the Company and Mr. Crowley) or by Mr. Crowley for "good reason" (as such term is defined in the employment agreement), the performance-based stock option will immediately terminate and cease to be exercisable; provided, however, that such stock option will accelerate and become fully vested if, on or after the date of the announcement of a transaction which leads to a "change of control" (as such term is defined in the employment agreement) of the Company and up to 12 months following the date of the change in control, Mr. Crowley is terminated without cause or terminates his employment for good reason. In the event that any performance condition is not met by the specified date for achieving such performance condition (if any), the portion of such stock option subject to such performance condition will immediately terminate and cease to be exercisable.
The time-based stock option is for the purchase of 50,000 shares of the Company's common stock with an exercise price equal to the closing price of the Company's common stock on April 29, 2011. The option has a ten-year term and will vest and become exercisable as to 12,500 shares on April 29, 2012, and as to an additional 3,125 shares at the end of each successive three-month period thereafter until April 29, 2015. In the event of the termination of Mr. Crowley's employment by the Company without cause or by Mr. Crowley for good reason, the time-based stock option will immediately accelerate and become fully vested.
Savient is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
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