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

Rhea-AI Summary

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced the approval of inducement restricted stock unit awards for 36,500 shares of common stock to six new non-executive employees on April 12, 2021. The awards, granted under the 2017 Employment Inducement Incentive Award Plan, vest over three years starting from April 1, 2021. One-third vests after one year, while one-sixth vests every six months thereafter. This initiative complies with Nasdaq Listing Rule 5635(c)(4), aiming to attract new talent.

Positive

• Inducement stock awards of 36,500 shares approved to attract new talent.
• Vesting schedule of awards encourages employee retention.

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• None.

Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on April 12, 2021 the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering an aggregate of 36,500 shares of Puma common stock to six new non-executive employees.

The award was 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, 2021, 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.

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FAQ

What is the purpose of Puma Biotechnology's recent stock awards?

The awards aim to attract and retain new non-executive employees.

When do the inducement stock awards at Puma Biotechnology begin vesting?

The awards begin vesting on April 1, 2021.

How many shares were awarded to employees at Puma Biotechnology?

A total of 36,500 shares were awarded.

What is the Nasdaq Listing Rule related to Puma's stock awards?

The awards comply with Nasdaq Listing Rule 5635(c)(4), which allows inducement awards for new hires.

How does Puma Biotechnology's stock award vesting schedule work?

One-third of the shares vest after one year, with one-sixth vesting every six months thereafter.