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

Rhea-AI Summary

Esperion (NASDAQ: ESPR) granted 66,000 restricted stock units (RSUs) to 13 new employees on August 2, 2022, through its 2017 Inducement Equity Incentive Plan. This plan targets individuals who were not previous employees or directors, providing inducements for joining Esperion. The RSUs will vest 25% after one year and the remaining 75% in twelve equal quarterly installments, contingent upon continued employment. Esperion specializes in developing oral LDL-cholesterol lowering medications tailored for patients unmet by existing options.

Positive

• The granting of RSUs may enhance employee retention and incentivize performance.
• The 2017 Inducement Equity Incentive Plan is aimed at attracting talent to support business growth.

Negative

• None.

ANN ARBOR, Mich., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today announced that, on August 2, 2022, the Compensation Committee of Esperion’s Board of Directors granted 13 new employees 66,000 restricted stock units (RSUs) 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.

Each RSU will vest and become exercisable as to 25 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 RSUs are subject to the terms and conditions of Esperion’s 2017 Inducement Equity Incentive Plan, and the terms and conditions of the 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 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:
Corporate Communications
corporateteam@esperion.com

FAQ

What is the significance of the RSU grants by Esperion on August 2, 2022?

The RSU grants aim to attract and retain talent, which could support Esperion's growth and operational strength.

How many RSUs did Esperion grant to new employees?

Esperion granted a total of 66,000 RSUs to 13 new employees.

What is the vesting schedule for the RSUs granted by Esperion?

The RSUs vest 25% after one year, with the remaining 75% vesting in twelve quarterly installments.

What is the purpose of the 2017 Inducement Equity Incentive Plan?

The plan is designed to grant equity awards to new employees as an inducement for joining Esperion.