ADC Therapeutics Makes Grants to New Employees Under Inducement Plan

Rhea-AI Summary

ADC Therapeutics SA announces grants of options to purchase common shares to new employees as employment inducement.

LAUSANNE, Switzerland, April 01, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (the “Company”) (NYSE: ADCT) today announced that the Company has made grants of options to purchase an aggregate of 53,800 of the Company’s common shares to six new employees on April 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 1/48^th 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, the San Francisco Bay Area 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

What did ADC Therapeutics SA announce regarding new employees?

ADC Therapeutics SA announced grants of options to purchase an aggregate of 53,800 common shares to six new employees on April 1, 2024.

When will the grants become exercisable?

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, with the entire award vested as of the fourth anniversary of the grant date, subject to continued employment with the Company.

Under which exemption were the grants offered?

The grants were offered under the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08.

Who approved the grants?

The grants were approved by the Compensation Committee of the Company’s Board of Directors.