ESOPAug 13, 2026, 06:08 AM
Agenus CEO Garo Armen Awarded 1.97M Performance Stock Options
AI Summary
Agenus Inc.'s Compensation Committee approved a special, one-time performance-based stock option award for Chairman and CEO Garo H. Armen. The award consists of 1,971,500 options with a 10-year term and an exercise price of $7.78 per share, which was above the closing price on the grant date at Dr. Armen's request. These options vest in five equal tranches, contingent on the company's stock price achieving and sustaining multiples of the $7.78 measurement price (3x, 4x, 5x, 6x, and 8x) over a five-year performance period, subject to a three-year service requirement. The award is also subject to the company's clawback policy, and unvested options are forfeited upon termination.
Key Highlights
- Agenus approved a special, one-time performance-based stock option award for CEO Garo H. Armen.
- Award comprises 1,971,500 performance-based stock options with a 10-year term.
- Exercise price is $7.78 per share, exceeding the closing price on August 10, 2026.
- Options vest in five equal tranches based on stock price achieving 3x, 4x, 5x, 6x, and 8x of $7.78.
- Vesting requires sustaining price targets for 30 consecutive days within a five-year period.
- A minimum three-year service requirement applies to all tranches.
- Unvested options are forfeited upon employment termination; award subject to clawback policy.
Price Impact
More from AGEN