BURLINGTON, Mass., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Flexion Therapeutics, Inc. (FLXN) today announced equity inducement grants to 13 new employees consisting of an aggregate of 40,500 stock options and 6,850 restricted stock units. The Compensation Committee of the Board of Directors approved the grants with an effective date of February 3, 2020. 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 $17.86 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, the most common form of arthritis. The company's core values are focus, ingenuity, tenacity, transparency and fun.
Vice President, Corporate Communications & Investor Relations
Flexion Therapeutics, Inc.