Spectrum Pharmaceuticals Announces New Employment Inducement Grants for Commercial Staff

Rhea-AI Summary

Spectrum Pharmaceuticals (NASDAQ: SPPI) announced on December 5, 2022, that its Board of Directors has granted 736,988 inducement restricted stock units (RSUs) to non-executive commercial employees hired for the launch of ROLVEDON™. These RSUs will vest over three years, contingent upon continued service. The grants are pursuant to the 2022 Employment Inducement Incentive Award Plan and comply with Nasdaq Listing Rule 5635(c)(4). Spectrum focuses on developing and commercializing oncology therapies and aims to address unmet medical needs.

Positive

• Grant of 736,988 RSUs to employees enhances employee retention and motivation.
• RSUs align employee interests with long-term company performance.

Negative

• None.

-- Commercial employees (non-executive) who were hired specifically for the launch of ROLVEDON™ (eflapegrastim-xnst) injection are the recipients of this grant --

BOSTON--(BUSINESS WIRE)-- Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced that on December 5, 2022, Spectrum’s Board of Directors granted an aggregate of 736,988 inducement restricted stock units (“RSUs”) to commercial non-executive employees who were hired specifically for the launch of ROLVEDON. The awards were granted under Spectrum’s 2022 Employment Inducement Incentive Award Plan (“Inducement Plan”) as employment inducement awards pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Spectrum, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Spectrum, pursuant to Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over three years on the first three anniversaries of the grant date, subject to continued service through each applicable vesting date.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals, Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted oncology therapies. Spectrum has a strong track record of successfully executing across the biopharmaceutical business model, from in-licensing and acquiring differentiated drugs, clinically developing novel assets, successfully gaining regulatory approvals and commercializing in a competitive healthcare marketplace. Spectrum has a pipeline with novel assets that serve areas of unmet need. For additional information on Spectrum please visit www.sppirx.com.

Notice Regarding Forward-looking statements

This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management's current beliefs and expectations. These statements include, but are not limited to, statements that relate to Spectrum’s business and its future, including Spectrum's ability to successfully execute across the biopharmaceutical business model, including successfully gaining regulatory approvals and commercializing in a competitive healthcare marketplace, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that Spectrum’s existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, the possibility that our commercialization efforts may not be successful, our dependence on third parties for manufacturing, distribution and quality control and other risks that are described in further detail in the company's reports filed with the Securities and Exchange Commission. The company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC.® is a registered trademark of Spectrum Pharmaceuticals, Inc. and its affiliates. REDEFINING CANCER CARE™ and ROLVEDON™ are the Spectrum Pharmaceuticals’ logos and trademarks owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are the property of their respective owners.

© 2022 Spectrum Pharmaceuticals, Inc. All Rights Reserved

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005775/en/

Tom Riga

Chief Executive Officer

949.788.6700

InvestorRelations@sppirx.com

Lisa Wilson

In-Site Communications, Inc.

212.452.2793

lwilson@insitecony.com

Source: Spectrum Pharmaceuticals

FAQ

What is the significance of the RSUs granted by Spectrum Pharmaceuticals?

The RSUs aim to retain and motivate employees involved in the ROLVEDON launch, aligning their interests with the company's long-term performance.

When were the RSUs granted to Spectrum Pharmaceuticals employees?

The RSUs were granted on December 5, 2022.

How many RSUs were awarded to employees at Spectrum Pharmaceuticals?

A total of 736,988 RSUs were awarded.

What is the vesting schedule for the RSUs at Spectrum Pharmaceuticals?

The RSUs will vest over three years on the first three anniversaries of the grant date, subject to continued service.

What plan governs the RSUs granted by Spectrum Pharmaceuticals?

The RSUs are governed by Spectrum's 2022 Employment Inducement Incentive Award Plan.