Summary by Futu AI
Innovent Bio announced on June 14, 2024 that 385,384 stock options and 571,119 restricted shares were granted to 10 employees under the employee shareholding plan after the initial public offering. The exercise price of the stock options is HKD 38.30 per share, with a validity period of ten years. 75% will vest on June 14, 2027, and the remaining 25% will vest on June 14, 2028. The restricted shares have zero consideration and will vest in the same proportion and on the same dates as the options. The grant of the stock options and the restricted shares aims to motivate employees and enhance the company's share value. In addition, the grant will be subject to individual annual performance targets and a clawback mechanism. Shareholder approval is not required for this grant, and no grantee is a director, major executive officer, or major shareholder of the company. The company also mentioned that under the current plan, the total number of shares available for future grants is 52,366,093, and under the 2020 restricted share plan, 7,645,333 shares can be granted in the future.
