Brooklyn Immuno Reports Inducement Grants
July 23 2021 - 4:30PM
Brooklyn ImmunoTherapeutics, Inc. (NYSE American: BTX)
(“Brooklyn”), 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 July 15, 2021, Jay Sial was
granted a non-qualified stock option covering 71,000 shares of
Brooklyn’s common stock (the “Time-Based Option”) and a restricted
stock unit covering 35,700 shares of Brooklyn’s common stock (the
“RSU”).
The 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 2025,
in each case for so long as Mr. Sial 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 July 15, 2021.
Of the shares covered by the Time-Based Option, twenty-five percent
of the shares will vest on July 15, 2022, and 1/36 of the remaining
shares will vest on the fifteenth day of each calendar month from
August 15, 2022 through July 15, 2025, in each case for so long as
Mr. Sial provides continuous service to Brooklyn through the
relevant vesting date.
The unvested portion of the RSU and the
Time-Based Option will terminate upon the termination of Mr. Sial’s
employment with Brooklyn for any reason, subject to certain vesting
acceleration provisions upon a qualifying termination, as described
in his employment agreement with Brooklyn. Unless earlier
terminated in accordance with their terms, each of the RSU and the
Time-Based Option will otherwise expire on the tenth anniversary of
the grant date and be subject to the terms and conditions of the
respective option agreement approved by Brooklyn. Each of the 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 Mr. Sial
in connection with Brooklyn’s hiring of Mr. Sial. Both 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 ImmunoTherapeutics
Brooklyn is focused on exploring the role that
cytokine, gene editing, and cell therapy can have in treating
patients with cancer, blood disorders, and monogenic diseases.
Brooklyn’s most advanced program is IRX-2, a
human cell-derived cytokine therapy, studying the safety and
efficacy of IRX-2 in patients with head and neck cancer in Phase
2B. 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.
Brooklyn has multiple next-generation cell and
gene-editing therapies in preclinical development for various
indications including acute respiratory distress syndrome, solid
tumor indications, as well as in vivo gene-editing therapies for
rare genetic diseases. 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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