SANTA CLARA, Calif.--(BUSINESS WIRE)-- XenoPort, Inc. reported today that equity awards were made to three new employees subject to the terms and conditions of the XenoPort 2010 Inducement Award Plan. The employees were granted stock options to purchase an aggregate of 75,000 shares of XenoPort's common stock and restricted stock units representing an aggregate of 5,600 shares of XenoPort’s common stock. The stock options have a per share exercise price of $7.20, the closing trading price of XenoPort’s common stock on the Nasdaq Global Select Market on the October 1, 2010 grant date. The stock options have a ten-year term and vest over four years, with 25% cliff vesting on the first anniversary of the employee’s date of hire and 1/48th of the options vesting monthly thereafter. The restricted stock units vest in four equal annual installments on anniversaries of the October 1, 2010 grant date. The equity awards were approved by the independent compensation committee of XenoPort’s board of directors and were granted as inducements material to the new employees entering into employment with XenoPort in accordance with Nasdaq Market Place Rule 5635(c)(4).
XenoPort, Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs. XenoPort is developing its lead product candidate in collaboration with Astellas Pharma Inc. and GlaxoSmithKline. XenoPort’s product candidates are being studied for the potential treatment of moderate-to-severe primary restless legs syndrome, neuropathic pain, gastroesophageal reflux disease, spasticity and Parkinson’s disease.
XenoPort is a registered trademark of XenoPort, Inc.
Source code: XNPT2G
Jackie Cossmon, 408-616-7220
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Biotechnology Pharmaceutical