ARIAD Pharmaceuticals, Inc. (ARIA) today reported the grant of an inducement award to its new Chief Financial Officer, Manmeet S. Soni. The award was approved by the Compensation Committee and ratified by the full Board of Directors on March 8, 2016, as an inducement material to Mr. Soni’s entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). The award was approved subject to Mr. Soni’s commencement of employment with the Company on March 21, 2016.
The inducement award consists of a grant of performance-based share units (“PSUs”) for 150,000 shares of common stock and a non-qualified stock option to purchase 550,000 shares of common stock. A percentage of the PSUs, ranging from 0 to 160 percent, will be earned based on the relative total shareholder return of the Company’s stock price compared to selected companies in the NASDAQ Biotechnology Index over a three year period ending December 31, 2018. The stock option has an exercise price of $6.47 (the closing price on the date of grant, March 21, 2016) and a ten-year term, and will vest as to 25% of the award on the first anniversary of grant and monthly thereafter for thirty-six months. The vesting of the inducement award is subject to Mr. Soni’s continued employment and the terms of his employment agreement.
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts and Lausanne, Switzerland, is an orphan oncology company focused on transforming the lives of cancer patients with breakthrough medicines. ARIAD is working on new medicines to advance the treatment of various forms of chronic and acute leukemia, lung cancer and other difficult-to-treat orphan cancers. ARIAD utilizes computational and structural approaches to design small-molecule drugs that overcome resistance to existing cancer medicines. For additional information, visit http://www.ariad.com
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