Ardelyx, Inc. Reports Employment Inducement Grants
WALTHAM, Mass., May 23, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that on May 22, 2023, the compensation committee of the company’s board of directors granted two new non-executive employees options to purchase an aggregate of 114,038 shares of the company’s common stock, and granted five new non-executive employees an aggregate of 68,700 Restricted Stock Units (RSUs). Each stock option has an exercise price per share equal to $3.56 per share, which was the closing trading price of the company’s common stock on the date of grant. The stock options and RSUs were granted as inducements material to each employee’s decision to enter into employment with Ardelyx, in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the employee’s first date of employment, and the remaining 75% of shares vesting monthly thereafter. Each RSU vests over four years, with 25% vesting on the first company designated quarterly RSU vest date following the first anniversary of the employee’s first day of employment and the remaining 75% of shares vesting quarterly thereafter. Each stock option has a 10-year term and each option and RSU is subject to the terms and conditions of the company’s 2016 Employment Commencement Incentive Plan and the award agreement covering the grant.
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