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ADC Therapeutics Makes Grants to New Employees Under Inducement Plan

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ADC Therapeutics SA (NYSE: ADCT), a leader in antibody drug conjugates (ADCs), has granted options to purchase 38,600 common shares to three new employees on August 1, 2024. These grants, approved by the Compensation Committee, are part of the company's Inducement Plan to attract and retain top talent. The options will vest over four years, with 25% vesting on the first anniversary and 1/48th vesting monthly thereafter, contingent on continued employment. This action aligns with NYSE's Listed Company Manual Rule 303A.08 for employment inducement exemptions.

ADC Therapeutics SA (NYSE: ADCT), leader nei conjugati di farmaci anticorpali (ADCs), ha concesso opzioni per acquistare 38.600 azioni ordinarie a tre nuovi dipendenti il 1° agosto 2024. Questi conferimenti, approvati dal Comitato per la Compensazione, fanno parte del Piano di Induzione dell'azienda per attrarre e trattenere i migliori talenti. Le opzioni matureranno in quattro anni, con il 25% che matura nel primo anniversario e il resto che matura mensilmente in 1/48, a condizione che l'impiego continui. Questa azione è in linea con la Regola 303A.08 del Manuale delle Aziende quotate della NYSE per le esenzioni di induzione all'impiego.

ADC Therapeutics SA (NYSE: ADCT), un líder en conjugados de fármacos anticuerpos (ADCs), ha otorgado opciones para comprar 38,600 acciones ordinarias a tres nuevos empleados el 1 de agosto de 2024. Estas concesiones, aprobadas por el Comité de Compensación, son parte del Plan de Inducción de la empresa para atraer y retener talento de alta calidad. Las opciones se ejercerán durante cuatro años, con un 25% que se ejercerá en el primer aniversario y 1/48 que se ejercerá mensualmente a partir de entonces, condicionado a la continuación del empleo. Esta acción se alinea con la Regla 303A.08 del Manual de Empresas Cotizadas de la NYSE para exenciones de inducción laboral.

ADC Therapeutics SA (NYSE: ADCT)는 항체 약물 접합체(ADCs) 분야의 선두주자로서 2024년 8월 1일에 세 명의 새로운 직원에게 38,600주 일반 주식을 구매할 수 있는 옵션을 부여했습니다. 이 부여는 보상 위원회에서 승인된 것으로, 회사의 유인 계획의 일환으로 최고의 인재를 유치하고 유지하기 위한 것입니다. 이 옵션은 4년에 걸쳐 유효화되며, 첫 번째 기념일에 25%가 유효해지고 그 이후로 매달 1/48이 유효해지며, 재직에 대한 조건이 있습니다. 이 조치는 NYSE의 상장 기업 매뉴얼 규칙 303A.08의 고용 유인 면제와 일치합니다.

ADC Therapeutics SA (NYSE: ADCT), un leader dans les conjugués de médicaments anticorps (ADCs), a accordé des options d'achat de 38 600 actions ordinaires à trois nouveaux employés le 1er août 2024. Ces attributions, approuvées par le Comité de Rémunération, font partie du Plan d'Induction de l'entreprise visant à attirer et retenir les meilleurs talents. Les options s'ouvriront sur quatre ans, avec 25 % s'ouvrant au premier anniversaire et 1/48 s'ouvrant mensuellement par la suite, sous réserve d'une poursuite d'emploi. Cette action est conforme à la règle 303A.08 du Manuel des entreprises cotées de la NYSE concernant les exemptions d'induction à l'emploi.

ADC Therapeutics SA (NYSE: ADCT), ein führendes Unternehmen im Bereich Antikörper-Wirkstoff-Konjugate (ADCs), hat am 1. August 2024 Optionen zum Kauf von 38.600 Stammaktien an drei neue Mitarbeiter gewährt. Diese Gewährungen, die vom Vergütungsausschuss genehmigt wurden, sind Teil des Induktionsplans des Unternehmens zur Anwerbung und Bindung von Top-Talenten. Die Optionen verfallen über vier Jahre, wobei 25% am ersten Jahrestag und 1/48 monatlich danach, vorbehaltlich einer fortgesetzten Anstellung, fällig werden. Diese Maßnahme steht im Einklang mit der Regel 303A.08 des NYSE-Handbuchs für gelistete Unternehmen hinsichtlich der Ausnahmen bei Anreizbeschäftigungen.

Positive
  • Attracting new talent with stock options can align employee interests with company success
  • Vesting schedule over four years encourages long-term employee retention
Negative
  • Potential dilution of existing shareholders' equity due to new stock options

LAUSANNE, Switzerland, Aug. 01, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced that the Company has made grants of options to purchase an aggregate of 38,600 of the Company’s common shares to three new employees on August 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://adctherapeutics.com/ and follow the Company on LinkedIn.

ZYNLONTA® is a registered trademark of ADC Therapeutics SA.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “future”, “continue”, or “appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the success of the Company’s updated corporate strategy including operating efficiencies, capital deployment and portfolio prioritization; the Company’s ability to achieve the decrease in total operating expenses for 2024, the expected cash runway into mid-2026, the effectiveness of the new commercial go-to-market strategy, competition from new technologies, and the Company’s ability to grow ZYNLONTA® revenue in the United States; Swedish Orphan Biovitrum AB (Sobi®) ability to successfully commercialize ZYNLONTA® in the European Economic Area and market acceptance, adequate reimbursement coverage, and future revenue from the same; approval by the NMPA of the BLA for ZYNLONTA® in China submitted by Overland ADCT BioPharma and future revenue from the same, our strategic partners’, including Mitsubishi Tanabe Pharma Corporation, ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions, and the timing and amount of future revenue and payments to us from such partnerships; the timing and future success from the University of Miami’s IITs in FL and MZL; the timing and results of the Company’s or its partners’ clinical trials including LOTIS 5 and 7, ADCT 601 and 602 as well as the Company’s early-stage pipeline research projects, actions by the FDA or foreign regulatory authorities with respect to the Company’s products or product candidates; projected revenue and expenses; the Company’s indebtedness, including Healthcare Royalty Management and Oaktree and Blue Owl facilities, and the restrictions imposed on the Company’s activities by such indebtedness, the ability to repay such indebtedness and the significant cash required to service such indebtedness; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company's Annual Report on Form 20-F and in the Company's other periodic reports and filings with the Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

CONTACTS:

Investors
Marcy Graham
ADC Therapeutics
Marcy.Graham@adctherapeutics.com
+1 650-667-6450

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


FAQ

How many stock options did ADC Therapeutics (ADCT) grant to new employees on August 1, 2024?

ADC Therapeutics granted options to purchase an aggregate of 38,600 common shares to three new employees on August 1, 2024.

What is the vesting schedule for the stock options granted by ADC Therapeutics (ADCT)?

The options vest 25% on the first anniversary of the grant date, and 1/48th monthly thereafter, fully vesting after four years, subject to continued employment.

Under what plan were the stock options granted by ADC Therapeutics (ADCT)?

The stock options were granted under ADC Therapeutics' Inducement Plan, approved by the Compensation Committee of the Company's Board of Directors.

What NYSE rule did ADC Therapeutics (ADCT) rely on for granting these stock options?

ADC Therapeutics relied on the employment inducement exemption under NYSE's Listed Company Manual Rule 303A.08 for granting these stock options.

ADC Therapeutics SA

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Biotechnology
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