SAN DIEGO, June 22, 2016 /PRNewswire/ -- Orexigen Therapeutics, Inc. (NASDAQ: OREX) announced today that the Compensation Committee of the Company's Board of Directors has approved the grant of inducement stock options to purchase a total of 232,500 shares of common stock to six new employees. Additionally, the Compensation Committee approved two individually negotiated inducement stock option grants, including options to purchase 225,000 shares of common stock to Salma Jutt-Eghbali, Head of Commercial Innovation, and options to purchase 45,000 shares of common stock to Kim Burns, National Account Executive.
The stock options have an exercise price per share equal to $0.49, the fair market value on the grant date, June 20, 2016. Each stock option vests over the course of four years, with 25% vesting on the one-year anniversary of the grant date and 1/48 of the shares vesting monthly thereafter so that all of the shares subject to the stock option shall be vested on the fourth anniversary of the grant date, subject to the new employee's continued service relationship with the Company on each such date. Each stock option has a ten year term and is subject to the terms and conditions of the Company's 2007 Equity Incentive Award Plan and the stock option agreement pursuant to which the option is granted.
The stock options were granted as an inducement material to the new employees' entering into employment with Orexigen Therapeutics in accordance with NASDAQ Listing Rule 5635(c)(4).
Corporate Communications and Business Development
Orexigen Therapeutics, Inc.
BrewLife (Media Contact for Orexigen)
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SOURCE Orexigen Therapeutics, Inc.