BURLINGTON, Mass., Aug. 02, 2019 (GLOBE NEWSWIRE) -- Flexion Therapeutics, Inc. (FLXN) today announced equity inducement grants to 11 new employees consisting of an aggregate of 68,650 stock options and 11,525 restricted stock units. The Compensation Committee of the Board of Directors approved the grants with an effective date of August 1, 2019. The stock options and restricted stock units were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options have an exercise price of $9.77 per share and vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and 1/48 of the shares vesting monthly thereafter, subject to the new employee's continued service relationship with the Company.
The restricted stock units vest over four years, with 25% of the shares vesting on each annual anniversary of the applicable vesting commencement date, subject to the new employee’s continued service relationship with the Company.
The stock options and restricted stock units are subject to the terms and conditions of the Company's 2013 Equity Incentive Plan and a stock option or restricted stock unit agreement, as applicable, covering the grant.
About Flexion Therapeutics
Flexion Therapeutics (FLXN) is a biopharmaceutical company focused on the development and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis, a type of degenerative arthritis. The company's core values are focus, ingenuity, tenacity, transparency and fun. For the past three years, Flexion has been named one of the Best Places to Work by the Boston Business Journal, and Flexion was also recognized as a Top Place to Work in Massachusetts by The Boston Globe in 2017 and 2018.
Vice President, Corporate Communications & Investor Relations
Flexion Therapeutics, Inc.