SOUTH SAN FRANCISCO, Calif., Oct. 10, 2016 /PRNewswire/ -- Rigel Pharmaceuticals (Nasdaq: RIGL) today announced that it has granted awards pursuant to the Rigel Pharmaceuticals, Inc. Inducement Plan, approved by the Compensation Committee of Rigel's Board of Directors and granted as an inducement material to each employee's employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4). Specifically, Rigel granted 300,000 stock options to Eldon C. Mayer III, Rigel's newly appointed EVP, Chief Commercial Officer, 150,000 stock options to Joseph Lasaga, Rigel's newly appointed VP of Business Development and Alliance Management, and 40,000 stock options to one other new employee, each vesting over four years, with a one-year cliff. Additionally, Mr. Mayer and Mr. Lasaga were granted 100,000 stock options and 50,000 stock options, respectively, to vest over time upon achievement of certain performance conditions. Each option to purchase has an exercise price equal to the closing price of Rigel's common stock on October 7, 2016, the last trading day prior to the date of grant.
Rigel is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).