Press release from Business Wire
Incyte Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
Tuesday, January 14, 2014
Incyte Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)00:05 EST Tuesday, January 14, 2014
WILMINGTON, Del. (Business Wire) -- Incyte Corporation (Nasdaq: INCY) today announced that in connection with the hiring, announced on January 13, 2014, of Hervé Hoppenot as President and Chief Executive Officer, Mr. Hoppenot received an award of restricted stock units (RSUs) to acquire 400,000 shares of Incyte common stock. The RSUs will vest in equal annual increments over a six year period, with the first installment vesting on December 31, 2014, subject to Mr. Hoppenot's continued service with the Company through the applicable vesting dates. The RSUs will be subject to accelerated vesting in connection with certain qualifying terminations of service, as specified in Mr. Hoppenot's employment agreement with the Company. This award was made outside of Incyte's stockholder approved equity incentive plan and was approved by the Company's independent directors as an inducement material to Mr. Hoppenot's entering into employment with the Company in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
Incyte Corporation is a Wilmington, Delaware-based biopharmaceutical company focused on the discovery, development and commercialization of proprietary small molecule drugs for oncology and inflammation. For additional information on Incyte, please visit the Company's website at www.incyte.com.
Pamela M. Murphy
Vice President, Investor Relations & Corporate Communications