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

Rhea-AI Summary

Puma Biotechnology (NASDAQ: PBYI) announced the grant of an inducement restricted stock unit (RSU) award covering 3,500 shares of common stock to a new non-executive employee as approved by the Compensation Committee of the Board of Directors on June 6, 2024. This award is part of Puma's 2017 Employment Inducement Incentive Award Plan, designed to attract new employees. The RSU award vests over three years, with one-third vesting on the first anniversary of June 1, 2024, and one-sixth vesting every six months thereafter, contingent on continued service. The award complies with Nasdaq Listing Rule 5635(c)(4).

Positive

• Approval of inducement award demonstrates Puma’s commitment to attracting new talent.
• The RSU award structure incentivizes long-term employment and aligns employee interests with shareholder value.
• Compliance with Nasdaq Listing Rule 5635(c)(4) ensures transparency and regulatory adherence.

Negative

• Only one non-executive employee is benefiting from this award, indicating immediate impact.
• The vesting schedule extends over three years, potentially delaying the motivational effect on the new hire.

LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on June 6, 2024, the Compensation Committee of Puma’s Board of Directors approved the grant of an inducement restricted stock unit award covering 3,500 shares of Puma common stock to one new non-executive employee.

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 award vests over a three-year period, with one-third of the shares underlying the award vesting on the first anniversary of the award’s vesting commencement date, June 1, 2024, and one-sixth of the shares underlying the award vesting on each six-month anniversary of the vesting commencement date thereafter, subject to continued service. The award was granted as an inducement material to the new employee 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-licensed the global development and commercialization rights to PB272 (neratinib, oral), in 2011. 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.

In September 2022, Puma entered into an exclusive license agreement for the development and commercialization of the anti-cancer drug alisertib, a selective, small molecule, orally administered inhibitor of aurora kinase A. Initially, Puma intends to focus the development of alisertib on the treatment of small cell lung cancer and breast cancer. In February 2024, Puma initiated ALISCA-Lung 1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive-stage small cell lung cancer.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240607428217/en/

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 announced by Puma Biotechnology?

Puma Biotechnology announced an inducement restricted stock unit award covering 3,500 shares of common stock to a new non-executive employee.

When was the Puma Biotechnology inducement award approved?

The award was approved by the Compensation Committee of Puma’s Board of Directors on June 6, 2024.

What is the vesting schedule for Puma Biotechnology's new inducement award?

The award vests over three years, with one-third vesting on the first anniversary of June 1, 2024, and one-sixth vesting every six months thereafter.

Why did Puma Biotechnology grant the inducement award?

The award was granted to attract a new non-executive employee as an inducement material to their employment with Puma.

Is Puma Biotechnology's inducement award compliant with regulations?

Yes, the inducement award is in accordance with Nasdaq Listing Rule 5635(c)(4).