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XenoPort Announces New Employment Inducement Award

^{Published on 2010-11-06 08:35:50 - Market Wire}
 

SANTA CLARA, Calif.--([ BUSINESS WIRE ])--XenoPort, Inc. (Nasdaq: XNPT) reported today that an equity award was made to a new employee subject to the terms and conditions of the XenoPort 2010 Inducement Award Plan. The employee, Timothy Mori, was granted options to purchase an aggregate of 4,000 shares of XenoPort's common stock and restricted stock units representing an aggregate of 1,500 shares of XenoPorta™s common stock. The stock options have a per share exercise price of $7.76, the closing trading price of XenoPorta™s common stock on the Nasdaq Global Select Market on the November 1, 2010 grant date. The stock options have a ten-year term and vest over four years, with 25% cliff vesting on the first anniversary of the employeea™s date of hire and 1/48th of the options vesting monthly thereafter. The restricted stock units vest in four equal annual installments on anniversaries of the November 1, 2010 grant date. The equity awards were approved by the independent compensation committee of XenoPorta™s board of directors and were granted as an inducement material to the new employee entering into employment with XenoPort in accordance with Nasdaq Market Place Rule 5635(c)(4).

About XenoPort

XenoPort, Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the bodya™s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs. XenoPort is developing its lead product candidate in collaboration with Astellas Pharma Inc. and GlaxoSmithKline. XenoPorta™s product candidates are being studied for the potential treatment of restless legs syndrome, gastroesophageal reflux disease, neuropathic pain, spasticity and Parkinsona™s disease.

To learn more about XenoPort, please visit the Web site at [ www.XenoPort.com ].

XenoPort is a registered trademark of XenoPort, Inc.

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