Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) has revealed that the company had offered a total of 27,905 shares to six new employees for purchase, as inducement stock options. The offering took place on March 1, 2016, at a share price of $5.35, the same price at which the stock was trading on the grant date. The company has not disclosed the names or positions of the employees, who were granted the option.
As per the details of the option, 25% of the amount is to be vested by the first anniversary of the grant, while the remaining 75% would be vested in monthly installments, over a 3-year period, from then onwards. The move was a part of the company’s inducement award stock option plan. However, the terms and conditions of a stock option agreement would be applied to the grant.
Added to this, Aegerion has filed a form 8-K with the SEC, to disclose that the company has entered into an agreement with an ex-CMO, Dr. Mark Sumeray, for certain consulting services. The services are concerned with AEGR’s Japanese New Drug Application, for JUXTAPID. It is also expected that the Dr. Sumeray will continue providing consulting services, in relation to the company’s JUXTAPID REMS program. The consulting fee for the services has been agreed upon as $300/hour. Furthermore, Aegerion would also reimburse the consultant for any costs incurred for the purpose of providing these services.
Dr. Sumeray was released from employment, effective from January 28, 2016, but is still going to receive 12-months of severance, at the rate of his final base pay, apart from a portion of the premium costs of COBRA. This is mainly due to a general release of claims by Dr. Sumeray, in favor of the company. Finally, the ex-CMO is also eligible for bonuses of up to $200,000, if he completes his consulting services in a satisfactory manner.
Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR) closed trading at a share price of $5.37, after losing 3.76%, during the March 10 session.
