Brooklyn ImmunoTherapeutics Reports Inducement Grants
July 06 2021 - 05:56PM
Brooklyn ImmunoTherapeutics LLC (NYSE American: BTX) (“Brooklyn” or
“the Company”), a biopharmaceutical company focused on exploring
the role that cytokine and gene editing/cell therapy can have in
treating patients with cancer, blood disorders, and monogenic
diseases, today announced that on June 21 2021, Sandra M. Gurrola
was granted a restricted stock unit grant covering 35,000 shares of
Brooklyn’s common stock (the “Gurrola RSU”), and that on June 28,
2021, Kevin A. D’Amour was granted a non-qualified stock option
covering 140,580 shares of Brooklyn’s common stock (the “Time-Based
Option”) and a restricted stock unit covering 70,290 shares of
Brooklyn’s common stock (the “D’Amour RSU”).
The D’Amour RSU and the Gurrola RSU will vest in
four equal installments, with one-fourth of the shares covered by
such RSU vesting on the anniversary of the grant date in each of
2022, 2023, 2024 and 205, in each case for so long as the grantee
provides continuous service to Brooklyn through the relevant
vesting date.
The Time-Based Option will have a per share
exercise price equal to the closing price of a share of Brooklyn’s
common stock on the NYSE American Stock Exchange on June 28, 2021.
Of the shares covered by the Time-Based Option, twenty-five percent
of the shares will vest on June 28, 2022, and 1/36 of the remaining
shares will vest on the twenty-eighth day of each calendar month
from July 28, 2022 through June 28, 2025, in each case for so long
as Dr. D’Amour provides continuous service to Brooklyn through the
relevant vesting date.
The unvested portion of the Gurrola RSU, the
D’Amour RSU and the Time-Based Option will terminate upon the
termination of the grantee’s employment with Brooklyn for any
reason, subject to certain vesting acceleration provisions upon a
qualifying termination, as described in his or her respective
employment agreement with Brooklyn. Unless earlier terminated in
accordance with their terms, each of the Gurrola RSU, D’Amour RSU
and the Time-Based Option will otherwise expire on the tenth
anniversary of its respective grant date and be subject to the
terms and conditions of the respective option agreement approved by
Brooklyn. Each of the Gurrola RSU, D’Amour RSU and the Time-Based
Option is intended to constitute an “employment inducement grant”
in accordance with the employment inducement grant rules set forth
in Section 711(a) of the NYSE American LLC Company Guide, and is
offered as an inducement material to the grantee in connection with
Brooklyn’s hiring of such grantee. Each of the equity awards
described above were granted pursuant to the Company’s 2021
Inducement Stock Incentive Plan, which was not subject to
stockholder approval.
About Brooklyn
ImmunoTherapeuticsBrooklyn is focused on exploring the
role that cytokine-based therapy can have in treating patients with
cancer, both as a single agent and in combination with other
anti-cancer therapies. The company is also exploring opportunities
to advance therapies using leading edge gene editing/cell therapy
technology through its option agreement with Factor
Bioscience/Novellus. Brooklyn’s most advanced program is studying
the safety and efficacy of IRX-2 in patients with head and neck
cancer. In a Phase 2A clinical trial in head and neck cancer, IRX-2
demonstrated an overall survival benefit. Additional studies are
either underway or planned in other solid tumor cancer
indications.
For more information about Brooklyn and its
clinical programs, please visit www.BrooklynITx.com.
Investor Relations Contact:CORE
IR516-222-2560investors@brooklynitx.com
Media Contact:Jules AbrahamCORE
IR917-885-7378julesa@coreir.com
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