Arena values its employees highly. The following is a general overview of the current benefit package available to eligible employees of Arena Pharmaceuticals, Inc. The amount and availability of all benefits are determined solely by the benefit plan documents, which may change before this information can be updated. Eligible employees are generally those employees hired as regular, full-time and working a minimum of 30 hours per week. Some benefits may be available regardless of employee status.
Arena offers several medical plans to eligible employees and their eligible dependents (spouse or domestic partner and/or children). Coverage begins on the first day of employment. Arena pays 100% of the Medical Insurance premiums for the employee and eligible dependents.
Pre-Tax Flexible Spending Accounts
Employees and their dependents may visit any dental, vision, or other licensed healthcare provider of their choice for services not covered under the medical plans. Arena currently matches up to $3,000 for each employee's pre-tax contribution per calendar year.
Arena also offers Flexible Spending Accounts for Dependent Care and Transit costs and currently contributes to the Transit account up to $100 per month per employee.
Life Insurance and Accidental Death & Dismemberment (AD&D)
Arena provides each employee with a life insurance and AD&D policy equivalent to four times annual salary (maximum policy $500,000). Coverage begins on the first day of employment. Arena pays 100% of the employee's life insurance and AD&D premiums.
Arena provides both short-term and long-term disability insurance coverage for eligible employees. The short-term disability insurance plan has a 7 day waiting period for accident or illness and provides for 60% of weekly earnings up to $2,309. The long-term disability insurance plan provides for 60% of monthly earnings up to $12,500. Both plans are offset by any payments from the California State Disability Insurance Plan. Coverage begins on the first day of employment. Arena pays 100% of the employee's disability insurance premiums.
Life Assistance Program (LAP)
Arena's LAP gives employees an option to confidentially address personal as well as career related concerns. The program can provide phone and face-to-face support and consultation for issues such as difficulties with relationships, family problems, alcohol and drug abuse, financial planning, legal matters, etc. The premium is paid by Arena for eligible employees and all household members.
Employees may defer pre-tax or after-tax (Roth) earnings up to 50% of gross wages into the 401(k) Plan, up to the annual limit set by the IRS. Arena currently matches 100% of the first 6% of salary deferral. The Company match vests over a five-year period. Contributions to the plan may be invested into any or all of the funds offered, ranging from conservative to aggressive.
Employee Stock Option Plan
Arena has adopted an Equity Compensation Plan that provides eligible employees the opportunity to receive grants of stock options for the purchase of the Company's Common Stock. These options generally vest 25% a year for four years. Arena's management believes that each employee, through ownership, will benefit from the growth and success of the company.
Employee Stock Purchase Plan
Arena has adopted an Employee Stock Purchase Plan that provides eligible employees the opportunity to purchase Common Stock of the Company through accumulated payroll deductions. Under the Plan, employees may set aside a portion of their earnings to purchase stock, at a discounted price. Employees are eligible to enroll as of the first day of the calendar quarter after their start date.
Arena provides eligible employees with paid holidays, PTO, sick time and other types of leaves.