ADC Therapeutics Makes Grants to New Employees Under Inducement Plan

Rhea-AI Summary

ADC Therapeutics SA announced grants of options to purchase 147,600 common shares to four new employees on May 1, 2024, as part of an Inducement Plan. The grants were approved by the Compensation Committee to motivate employees to perform at their best. The shares will vest over four years, contingent on continued employment.

LAUSANNE, Switzerland, May 01, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (NYSE: ADCT) today announced that the Company has made grants of options to purchase an aggregate of 147,600 of the Company’s common shares to four new employees on May 1, 2024 (each, a “Grant”). The Grants were offered as material inducement to the employees’ employment. The grants were approved by the Compensation Committee of the Company’s Board of Directors pursuant to the Company’s Inducement Plan to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of the Company. The Grants were made in reliance on the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08. The Company is issuing this press release pursuant to Rule 303A.08. The Grants shall vest and become exercisable 25% on the first anniversary of the grant date, and 1/48th of the aggregate number of shares subject to the award on each monthly anniversary of the grant date thereafter, such that the entire award will be vested as of the fourth anniversary of the grant date, subject to continued employment with the Company.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple ADCs in ongoing clinical and preclinical development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London and New Jersey. For more information, please visit https://www.adctherapeutics.com/ and follow the Company on LinkedIn.

ZYNLONTA^® is a registered trademark of ADC Therapeutics SA.

CONTACT:

Investors and Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040

FAQ

How many common shares were granted to new employees by ADC Therapeutics?

ADC Therapeutics granted 147,600 common shares to four new employees.

When were the grants made to the new employees by ADC Therapeutics?

The grants were made on May 1, 2024.

What is the purpose of the grants made by ADC Therapeutics to new employees?

The grants were offered as an inducement to motivate and reward employees for their performance and contributions to the Company's success.

How will the granted shares vest for the new employees at ADC Therapeutics?

The shares will vest over four years, with 25% becoming exercisable on the first anniversary and the remaining vesting monthly over the next three years, contingent on continued employment with the Company.