MALVERN, PA — Recro (Nasdaq: REPH), a leading contract development and manufacturing organization (CDMO), with integrated solutions for formulation, analytical services, regulatory support, manufacturing and packaging of both commercial and development stage oral solid dose drug products, this week announced that it granted an inducement award to its newly-appointed President and Chief Executive Officer, David Enloe.
The award consists of 217,822 restricted stock units and an option to purchase 194,175 shares of Recro’s common stock. The award was granted on December 15, 2020 pursuant to the NASDAQ inducement grant exception as a component of Mr. Enloe’s compensation and was granted as an inducement material to his acceptance of employment with Recro in accordance with NASDAQ Listing Rule 5635(c)(4).
With regard to the restricted stock units, 19,802 will vest in full on December 15, 2021; 132,013 will vest in four equal annual installments beginning on December 15, 2021; and 66,007 will vest upon the achievement of certain performance-based milestones determined by the Compensation Committee of Recro, in each case subject to Mr. Enloe’s continued service with Recro through the applicable vesting date.
The options will vest in equal monthly installments over 48 months, beginning on January 15, 2021, subject to Mr. Enloe’s continued service with Recro through the applicable vesting date. The options have an exercise price of $3.03 per share of Recro common stock and will expire on December 15, 2030.
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