Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Esperion (NASDAQ: ESPR) granted stock options and restricted stock units (RSUs) to four new employees on January 27, 2022. Notably, Benjamin Looker, the new General Counsel, received options to purchase 100,450 shares at an exercise price of $3.65 per share and 70,800 RSUs. The RSUs will vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly. This granting aligns with the 2017 Inducement Equity Incentive Plan, aimed at attracting new talent to the company, which focuses on innovative cholesterol-lowering therapies.

Positive

• Granting of 100,450 stock options and 204,771 RSUs to attract new talent.
• Equity awards structured to incentivize long-term employment.

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• None.

ANN ARBOR, Mich., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today announced that, on January 27, 2022, the Compensation Committee of Esperion’s Board of Directors granted four new employees (i) non-qualified stock options to purchase an aggregate of 100,450 shares of its common stock, all of which were granted to Benjamin Looker, Esq., the Company’s newly appointed General Counsel, and (ii) 204,771 restricted stock units (RSUs), 70,800 of which were awarded to Mr. Looker, 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 $3.65 per share, which is equal to the closing price of Esperion's common stock on January 27, 2022. 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 Therapeutics
Esperion works 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.

Contact:
Ben Church
bchurch@esperion.com        
734-864-6774

FAQ

What was announced by Esperion on January 27, 2022?

Esperion announced the granting of stock options and RSUs to new employees.

Who received the stock options and RSUs from Esperion?

Benjamin Looker, the newly appointed General Counsel, received the majority of the stock options and RSUs.

What is the exercise price of the stock options granted by Esperion?

The exercise price of the stock options is $3.65 per share.

What plan governs the stock options and RSUs granted by Esperion?

The awards are governed by Esperion's 2017 Inducement Equity Incentive Plan.

How will the RSUs vest for Esperion employees?

The RSUs will vest 25% on the first anniversary and the remaining 75% in quarterly installments.