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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 5635(c)(4).
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.
Regnite and XENOPORT are registered trademarks of XenoPort, Inc.