Oct 5 2009
Theravance, Inc. (NASDAQ: THRX) today reported that an equity award was made to one new employee. Pursuant to Nasdaq Marketplace Rule 5635(c)(4), the equity award was granted under the Theravance, Inc. 2008 New Employee Equity Incentive Plan, which the Board of Directors of Theravance adopted to facilitate the granting of equity awards to new employees. In accordance with Nasdaq rules, this grant was made under an equity incentive plan without stockholder approval. Nasdaq rules require a public announcement of equity awards to be made under this type of plan. One employee was granted an option to purchase 1,500 shares of the Company's common stock, which option vests over four years and expires in 10 years assuming continued employment. No officers received any award under this plan. The exercise price for the option shares granted is $14.01, which was the closing price of Theravance common stock on the Nasdaq Global Market as such price was reported by NASDAQ on the date of grant.
SOURCE: Theravance, Inc.