The Compensation Committee (the “Committee”) of the Board of Directors of Puma Biotechnology Inc (NYSE:PBYI) approved a form Restricted Stock Unit award agreement (the “RSU Agreement”) under the Company’s 2011 Incentive Award Plan (the “Plan”). The Committee also approved the grant of restricted stock units (“RSUs”) awards to the Company’s named executive officers (“executives”) pursuant to the Plan and the RSU Agreement, as set forth below:
|Alan H. Auerbach||150,000|
|Charles R. Eyler||10,500|
|Richard P. Bryce||31,500|
Subject to the executive’s continued service, each RSU award will vest in six substantially equal installments on each six-month anniversary of July 19, 2016. Each vested RSU entitles the executive to receive one share of common stock of the Company. Any RSUs that become vested will be paid to the executive in whole shares of Company common stock within 70 days after the applicable vesting date.
The above descriptions of the RSU awards and the RSU Agreement are summaries and are qualified in their entirety by the full text of the RSU Agreement, the form of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.