Puma Biotechnology Reports Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
Puma Biotechnology announced on November 3, 2020, that its Board of Directors approved the grant of restricted stock unit awards covering 44,750 shares of common stock to five new non-executive employees. These awards, part of the 2017 Employment Inducement Incentive Award Plan, will vest over a three-year period. The first third vests on the anniversary of the award's commencement date, November 1, 2020, with subsequent vesting every six months. This grant is in accordance with Nasdaq Listing Rule 5635(c)(4).
- Grant of 44,750 restricted stock units to new employees, incentivizing talent acquisition.
- Vesting schedule structured over three years supports employee retention.
- None.
LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced that on November 3, 2020 the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering an aggregate of 44,750 shares of Puma common stock to 5 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, November 1, 2020, 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.
