SAN DIEGO, June 2, 2014 (GLOBE NEWSWIRE) -- Zogenix, Inc. (Nasdaq:ZGNX), a pharmaceutical company developing and commercializing products for the treatment of pain-related and central nervous system (CNS) disorders, announced today that certain of its executive officers will submit Form 4 filings pursuant to Section 16 of the Securities Exchange Act of 1934.
Under Zogenix's 2010 Equity Incentive Award Plan, certain of its employees, including certain executive officers, previously received restricted stock awards, which vested on June 1, 2014. Pursuant to the Plan, employees may elect to satisfy their tax withholding obligations upon vesting by having Zogenix make the tax payments and withhold a number of vested shares having a value on the date of vesting equal to the employee's tax withholding obligation. As a result of employee elections, Zogenix withheld shares of stock from certain of its executive officers to satisfy their tax obligations. The Form 4 filings will report as "dispositions" the number of shares withheld by Zogenix. In aggregate, the Company's executive officers have a net increase in Zogenix shares of approximately 125,000 following the vesting and tax payments for the RSUs.
Zogenix, Inc. (Nasdaq:ZGNX) is a pharmaceutical company committed to developing and commercializing therapies that address specific clinical needs for people living with pain-related conditions and CNS disorders who need innovative treatment alternatives to help them return to normal daily functioning.