Radius Health Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
WALTHAM, Mass., April 28, 2020 (GLOBE NEWSWIRE) -- Radius Health, Inc. (“Radius” or the “Company”) (Nasdaq:RDUS) today announced that the Company’s Board of Directors (the “Board”) granted G. Kelly Martin, in connection with his appointment as Chief Executive Officer and President of the Company, an option (the “Time-Based Option”) to purchase 575,000 shares of the Company’s common stock with a per share exercise price of $16.46 (the “Exercise Price”), the closing trading price of the Company’s common stock on the Nasdaq Global Market on the grant date of April 28, 2020 (the “Grant Date”). The Time-Based Option vests 25% on the first anniversary of the Grant Date, with the remaining 75% to vest in substantially equal monthly installments over the three years thereafter, subject to continued service with the Company through the applicable vesting dates, and has a ten-year term.
In addition, the Board granted Mr. Martin an option (the “Performance-Based Option”) to purchase 575,000 shares of the Company’s common stock at the Exercise Price, subject to performance-based vesting conditions. The Performance-Based Option will be unvested as of the Grant Date and will be eligible to vest in four tranches based on the Company’s annualized total shareholder return (“TSR”) over a five-year performance measurement period, subject to continued service with the Company, and has a ten-year term. The Performance-Based Option will not vest prior to the one-year anniversary of the Grant Date. In addition, upon a change in control, the Performance-Based Option will vest in accordance with the TSR at such time, regardless of any minimum vesting periods.
Both stock options were granted as an inducement material to Mr. Martin entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Radius is a science-driven fully integrated biopharmaceutical company that is committed to developing and commercializing innovative endocrine therapeutics. For more information, please visit www.radiuspharm.com.
Investor & Media Relations Contact:
Elhan Webb, CFA
Source: Radius Health Inc.