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Puma Biotechnology Reports Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

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Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on April 1, 2022, the grant of 31,875 inducement restricted stock unit awards to four new non-executive employees. These awards, approved by the Compensation Committee, will vest over three years, with one-third vesting after one year and the remainder in six-month intervals. This initiative is part of Puma's 2017 Employment Inducement Incentive Award Plan and complies with Nasdaq Listing Rule 5635(c)(4).

Puma focuses on innovative cancer care solutions, including the marketed product NERLYNX®.

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  • Grant of 31,875 restricted stock unit awards to enhance employee retention.
  • The awards are part of a structured vesting plan, aligning employee interests with company performance.
Negative
  • None.

LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on April 1, 2022, the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering 31,875 shares of Puma common stock to four new non-executive employees.

The awards were granted under Puma’s 2017 Employment Inducement Incentive Award Plan, which was adopted on April 27, 2017 and provides for the granting of equity awards to new employees of Puma. The restricted stock unit awards vest over a three-year period, with one-third of the shares underlying each award vesting on the first anniversary of the award’s vesting commencement date, April 1, 2022, and one-sixth of the shares underlying each award vesting on each six-month anniversary of the vesting commencement date thereafter, subject to continued service. The awards were granted as an inducement material to the new employees entering into employment with Puma, in accordance with Nasdaq Listing Rule 5635(c)(4).

About Puma Biotechnology

Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on the development and commercialization of innovative products to enhance cancer care. Puma in-licenses the global development and commercialization rights to PB272 (neratinib, oral), PB272 (neratinib, intravenous) and PB357. Neratinib, oral was approved by the U.S. Food and Drug Administration in 2017 for the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer, following adjuvant trastuzumab-based therapy, and is marketed in the United States as NERLYNX® (neratinib) tablets. In February 2020, NERLYNX was also approved by the FDA in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. NERLYNX was granted marketing authorization by the European Commission in 2018 for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX is a registered trademark of Puma Biotechnology, Inc.

Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc., +1 424 248 6500

info@pumabiotechnology.com

ir@pumabiotechnology.com

Source: Puma Biotechnology, Inc.

FAQ

What is the recent stock award announcement by Puma Biotechnology?

On April 1, 2022, Puma Biotechnology announced the grant of 31,875 restricted stock units to four new non-executive employees to enhance recruitment and retention.

How do the restricted stock units of Puma Biotechnology vest?

The restricted stock units vest over three years, with one-third vesting on the first anniversary of April 1, 2022, and the remainder vesting every six months thereafter.

What is the significance of the inducement awards granted by Puma Biotechnology?

These inducement awards are intended to attract and retain talent, as a part of their 2017 Employment Inducement Incentive Award Plan, which complies with Nasdaq rules.

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Biotechnology
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