Christopher Lewis Stone, VP of PDL BioPharma, just received 833,333 options from the company. The strike price of the options received was $3.72, and these expire on March 28, 2029. Stone now owns at least 833,333 options on the company.
Some additional info was provided as follows:
The number of shares included in the original April 1, 2019 Form 4 filing was incorrect and the Company is filing this amendment to correct the number of shares in the award grant.
The stock options will vest as follows: (a) 25% of the shares subject to the option shall vest on the one year anniversary of January 1, 2019 and (b) 75% of the shares subject to the option shall vest on a monthly basis pro rata over the thirty-six (36) months following the one year anniversary of January
1, 2019, provided that the recipient's continuous service has not terminated prior to the applicable vesting date, subject to earlier vesting upon a change in control and certain qualifying terminations of employment provided in the severance agreement between the issuer and the recipient.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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