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Savient Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
Date:1/27/2011

EAST BRUNSWICK, N.J., Jan. 27, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it will grant, on January 31, 2011, a stock option to John H. Johnson pursuant to the NASDAQ inducement grant exception as a component of Mr. Johnson's employment compensation.  The inducement grant was approved by the Company's Board of Directors on January 23, 2011 and is being made as an inducement material to Mr. Johnson's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). Savient previously announced that Mr. Johnson has been appointed Chief Executive Officer and a member of the Company's Board of Directors, effective January 31, 2011.  

The stock option approved by the Company's Board of Directors is for the purchase of 250,000 shares of the Company's common stock with an exercise price equal to the closing price of the Company's common stock on January 31, 2011.  The option will have a ten-year term and will vest and become exercisable upon the satisfaction of the performance conditions to be agreed upon by Mr. Johnson and the Company's Board of Directors.  In the event of a termination by the Company without "cause" (as such term is defined in the employment agreement between the Company and Mr. Johnson) or by Mr. Johnson for "good reason" (as such term is defined in the employment agreement), the stock option shall (i) cease to be exercisable and shall cease to continue vesting, but shall not terminate, on the 90th day following the effective date of Mr. Johnson's termination, (ii) become again exercisable from and after consummation of any "change of control" (as such term is defined in the employment agreement) of the Company that is consummated on or prior to the one-year anniversary of the effective date of Mr. Johnson's termination and (iii) terminate if a change of control of the Comp
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SOURCE Savient Pharmaceuticals, Inc.
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