ANN ARBOR, Mich., Aug.. 11, 2017 (GLOBE NEWSWIRE) — Esperion Therapeutics, Inc. (NASDAQ:-LRB-**)), the Lipid Management Company focused on developing and commercializing convenient, complementary, cost-effective, once-daily, oral therapies for the treatment of patients with elevated low density lipoprotein cholesterol (LDL-C), today announced that, on August 10, 2017, the Compensation Committee of Esperion’s Board of Directors granted non-qualified stock options to purchase an aggregate of 44,000 shares of its common stock to four new colleagues under Esperion’s 2017 Inducement Equity Incentive Plan.
The 2017 Inducement Equity Incentive Plan is used exclusively for the grant of equity awards to those who were not previously an employee or non-employee director of Esperion (or following a bona fide period of non-employment), as an inducement material to such person’s entering into employment with Esperion, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $48. 14 per share, which is equal to the closing price of Esperion’s common stock on August 10, 2017. Each option will vest and become exercisable as to twenty-five percent of the shares on the one year anniversary of the receiver’s start date, and will vest and become exercisable as to the remaining 75 percent of the shares in twelve equal quarterly installments at the end of each quarter following the anniversary, in each case, subject to each such employee’s continued employment with Esperion on such vesting dates. The options are subject to the stipulations of Esperion’s 2017 Inducement Equity Incentive Plan, and the terms and conditions of a stock option agreement covering the grant.
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