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.
About Incyte
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.
Copyright Business Wire 2014