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

Rhea-AI Summary

Incyte (Nasdaq:INCY) announced the granting of restricted stock unit awards (RSUs) and stock options to 27 new employees. The awards include 33,003 RSU shares and options to purchase 15,812 shares at $76.13 per share. The grants were made under the 2024 Inducement Stock Incentive Plan, effective November 1, 2024. RSUs vest 25% annually over four years, while stock options vest 25% after one year, with remaining portions vesting monthly over 36 months. Both are subject to continued employment.

Positive

• Employee retention strategy through equity compensation
• Successful talent acquisition with 27 new hires

Negative

• Potential shareholder dilution from new equity issuance

WILMINGTON, Del.--(BUSINESS WIRE)-- Incyte (Nasdaq:INCY) today announced that it granted restricted stock unit awards (RSUs) representing an aggregate of 33,003 shares of the Company’s common stock and stock option awards to purchase an aggregate of 15,812 shares of the Company’s common stock to 27 new employees. The awards were made under the Company’s 2024 Inducement Stock Incentive Plan, with a grant date and vesting commencement date of November 1, 2024, and were approved by the compensation committee of the Company’s board of directors as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

Each RSU vests as to 25% of the shares subject to the RSU on each of the first four anniversaries of the vesting commencement date, subject to the employee's continued service with the Company on each such date. The stock options have an exercise price of $76.13 per share, which is equal to the closing price of the Company’s common stock on the grant date. Each stock option has a ten-year term and vests as to 25% of the original number of shares subject to the stock option on the one-year anniversary of the vesting commencement date with the remainder vesting in 36 successive equal monthly installments, subject to the employee’s continued service with the Company on each such date.

About Incyte

A global biopharmaceutical company on a mission to Solve On., Incyte follows the science to find solutions for patients with unmet medical needs. Through the discovery, development and commercialization of proprietary therapeutics, Incyte has established a portfolio of first-in-class medicines for patients and a strong pipeline of products in Oncology and Inflammation & Autoimmunity. Headquartered in Wilmington, Delaware, Incyte has operations in North America, Europe and Asia.

For additional information on Incyte, please visit Incyte.com or follow us on social media: LinkedIn, X, Instagram, Facebook, YouTube.

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Source: Incyte

FAQ

How many shares were granted in Incyte's (INCY) November 2024 inducement grants?

Incyte granted 33,003 RSU shares and options to purchase 15,812 shares of common stock.

What is the exercise price for Incyte's (INCY) November 2024 stock option grants?

The stock options have an exercise price of $76.13 per share, equal to the closing price on the grant date.

What is the vesting schedule for Incyte's (INCY) November 2024 RSU grants?

The RSUs vest 25% annually over four years, subject to continued employment.

How many new employees received Incyte's (INCY) November 2024 inducement grants?

The inducement grants were awarded to 27 new employees.