Description of Performance Objectives for Accelerated Vesting of Incentive Stock Options Granted to Samuel K. Ackerman, M.D.
This document outlines the specific performance objectives required for the accelerated vesting of incentive stock options granted to Samuel K. Ackerman, M.D. The agreement details milestones such as raising $25 million in equity, closing a partnership, initiating a clinical trial, securing analyst coverage, and advancing a product to pivotal studies. If these targets are met by the specified dates, corresponding stock options will vest early; otherwise, all options will fully vest by April 2010.
Exhibit 10.3
Description of Performance Objectives for Accelerated Vesting of Incentive Stock Options Granted to Samuel K. Ackerman, M.D.
| Vesting Criteria | Target Date | No. of Options | ||
| Raise $25 million equity* | Q1 2006 | 100,000 | ||
| Close PA-457 partnership | Q1 2006 | 100,000 | ||
| Initiate PA-457 Phase 2b | Q1 2006 | 75,000 | ||
| Establish coverage by 2 analysts | Q1 2006 | 55,000 | ||
| First product enters pivotal clinical studies | Q1 2007 | 100,000 | ||
| 430,000 |
*At $4.00 minimum share price or sufficient to fund PA-457 through Phase 2b
Full vesting of all performance-based options to occur April 2010 unless above target dates are met.
