Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
ANN ARBOR, Mich., July 01, 2021 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today announced that, on June 28, 2021, the Compensation Committee of Esperion’s Board of Directors granted 31 new employees (i) non-qualified stock options to purchase an aggregate of 88,692 shares of its common stock, all of which were granted to JoAnne Foody, the Company’s newly appointed Chief Medical Officer, and (ii) 99,313 restricted stock units (RSUs), 62,528 of which were awarded to Ms. Foody, under Esperion’s 2017 Inducement Equity Incentive Plan.
The 2017 Inducement Equity Incentive Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Esperion (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Esperion, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $22.52 per share, which is equal to the closing price of Esperion's common stock on June 28, 2021. Each option and RSU will vest and become exercisable as to twenty-five percent of the shares on the one-year anniversary of the recipient’s vesting commencement date, and will vest and become exercisable as to the remaining 75 percent of the shares in twelve equal quarterly installments at the end of each quarter following such anniversary, in each case, subject to each such employee's continued employment with Esperion on such vesting dates. The options and RSUs are subject to the terms and conditions of Esperion’s 2017 Inducement Equity Incentive Plan, and the terms and conditions of the stock option and RSU agreement covering the grant.
ESPERION is The Lipid Management Company. Our goal is lipid management for everybody, that’s why we work hard to make our medicines easy to get, easy to take and easy to have. We discover, develop and commercialize innovative medicines and combinations to lower cholesterol, especially for patients whose needs aren’t being met by the status quo. Our entrepreneurial team of industry leaders is inclusive, passionate and resourceful. We are singularly focused on managing cholesterol so you can improve your health easily. ESPERION commercializes NEXLETOL® (bempedoic acid) and NEXLIZET® (bempedoic acid and ezetimibe) Tablets and is the leader in the development of convenient oral, once-daily non-statin LDL-cholesterol lowering drugs for patients with high levels of bad cholesterol. For more information, please visit www.esperion.com and follow us on Twitter at www.twitter.com/EsperionInc.