Agenus Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Agenus (Nasdaq: AGEN), a company specializing in immunological agents for cancer treatment, has announced inducement awards for Eric Olson, the newly appointed Head of Regulatory. The awards include options to purchase 7,500 shares of Agenus common stock with a 10-year term and an exercise price based on the closing price on June 3, 2024. These options will vest over four years in equal annual installments. Additionally, Olson will receive 5,500 restricted stock units, vesting over three years in equal annual installments, contingent on maintaining his service with Agenus. The awards were approved by the Compensation Committee under the 2015 Inducement Equity Plan and Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement awards signal confidence in Eric Olson, potentially benefiting company operations and investor confidence.
• Award structure incentivizes long-term commitment, aligning Olson’s interests with company growth over multiple years.
• Equity awards, through options and RSUs, align Olson’s compensation with the company’s performance and stock price appreciation.

Negative

• Issuance of new stock options and RSUs could lead to shareholder dilution over time.
• The performance of the stock options and RSUs are contingent on stock price appreciation, which is uncertain.
• Executive compensation changes might not directly translate to immediate financial improvement.

LEXINGTON, Mass.--(BUSINESS WIRE)-- Agenus Inc. (“Agenus”) (Nasdaq: AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, today announced that the Compensation Committee of Agenus’ Board of Directors granted inducement awards to Eric Olson, in connection with his appointment as Head of Regulatory. The Compensation Committee approved the awards pursuant to Agenus' 2015 Inducement Equity Plan and in accordance with Nasdaq Listing Rule 5635(c)(4).

The awards to Eric Olson consist of (i) options to purchase 7,500 shares of Agenus common stock with a 10-year term, an exercise price equal to the closing price of Agenus' common stock on the Grant Date (June 3, 2024), and vesting over four years in equal annual installments and (ii) 5,500 restricted stock units that vest over three years in equal annual installments; provided that each equity award to Eric Olson is subject to him maintaining a service relationship with the company through the relevant vest date.

About Agenus

Agenus is a leading immuno-oncology company targeting cancer and infectious diseases with a comprehensive pipeline of immunological agents. The company’s mission is to expand patient populations benefiting from cancer immunotherapy through combination approaches, using a broad repertoire of antibody therapeutics, adoptive cell therapies (through MiNK Therapeutics) and adjuvants (through SaponiQx). Agenus is headquartered in Lexington, MA. For more information, visit www.agenusbio.com or @agenus_bio. Information that may be important to investors will be routinely posted on our website and social media channels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240524248076/en/

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Source: Agenus Inc.

FAQ

What inducement awards were granted by Agenus to Eric Olson?

Eric Olson received options to purchase 7,500 shares of Agenus common stock and 5,500 restricted stock units.

When will the inducement awards for Eric Olson vest?

The 7,500 stock options will vest over four years, and the 5,500 restricted stock units will vest over three years.

What is the significance of the vesting schedule for Eric Olson’s inducement awards?

The vesting schedule incentivizes Eric Olson to maintain his service with Agenus, promoting long-term commitment.

What rule does Agenus' inducement grant comply with?

The inducement grant complies with Nasdaq Listing Rule 5635(c)(4).

How many shares can Eric Olson potentially purchase under the inducement award?

Eric Olson can potentially purchase 7,500 shares of Agenus common stock under the inducement award.

What is the exercise price for Eric Olson’s stock options in the inducement award?

The exercise price for the stock options will be equal to the closing price of Agenus' common stock on June 3, 2024.