On February 7, 2023 Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, reported that on February 6, 2023, the Compensation Committee of Puma’s Board of Directors approved the grant of inducement restricted stock unit awards covering 34,163 shares of Puma common stock to four new non-executive employees (Press release, Puma Biotechnology, FEB 8, 2023, View Source [SID1234626944]).
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The awards were granted under Puma’s 2017 Employment Inducement Incentive Award Plan, which was adopted on April 27, 2017 and provides for the granting of equity awards to new employees of Puma. The restricted stock unit awards vest over a three-year period, with one-third of the shares underlying each award vesting on the first anniversary of the award’s vesting commencement date, February 1, 2023, and one-sixth of the shares underlying each award vesting on each six-month anniversary of the vesting commencement date thereafter, subject to continued service. The awards were granted as an inducement material to the new employees entering into employment with Puma, in accordance with Nasdaq Listing Rule 5635(c)(4).