Alpine Immune Sciences Reports Inducement Grant to New President Under Nasdaq Listing Rule 5635(c)(4)
Published: Aug 08, 2018
SEATTLE--(BUSINESS WIRE)-- Alpine Immune Sciences, Inc. (NASDAQ:ALPN), a company focused on discovering and developing innovative immunotherapies to treat cancer, autoimmune/inflammatory and other diseases, today reported the grant of an equity inducement award to Mark Litton, Ph.D., Alpine’s new President and Chief Operating Officer, effective August 6, 2018.
The compensation committee of Alpine's Board of Directors granted Dr. Litton an option to purchase 150,000 shares of common stock. The option will vest with respect to 25% of the shares underlying the option on the one year anniversary of Dr. Litton’s employment start date of August 6, 2018 and the remaining 75% of the shares underlying the option will vest in equal monthly installments over the 36 month period following the one year anniversary of Dr. Litton’s employment start date, subject to his continued service to Alpine through each relevant vesting date. In addition, pursuant to the terms of Alpine’s change of control and severance policy, if there is a change of control and, upon or during the 12 months after the change of control, Dr. Litton’s employment is terminated either (i) by Alpine without cause or (ii) by Dr. Litton for good reason, the option will become fully vested and exercisable. The option has a ten-year term and an exercise price of $6.81, equal to the per share closing price of Alpine's common stock as reported by Nasdaq on August 6, 2018.
The stock options were granted outside Alpine’s 2018 Equity Incentive Plan as an inducement material to Dr. Litton entering into employment with Alpine in accordance with Nasdaq Listing Rule 5635(c)(4). The terms and conditions of the option are generally consistent with those in Alpine’s 2018 Equity Incentive Plan.
About Alpine Immune Sciences, Inc.
Alpine Immune Sciences, Inc. is focused on developing novel protein-based immunotherapies using its proprietary Variant Ig Domain (vIgD) technology. Alpine’s proprietary scientific platform is designed to interact with multiple targets, including many present in the immune synapse. Alpine’s vIgDs are developed using a process known as directed evolution, which produces proteins capable of either enhancing or diminishing an immune response and thereby may potentially apply therapeutically to cancer, autoimmune/ inflammatory and other diseases. Alpine has also developed Transmembrane Immunomodulatory Protein (TIP) technology, based on the vIgD technology, to potentially enhance engineered cellular therapies. For more information, visit www.alpineimmunesciences.com.
“Transmembrane Immunomodulatory Protein,” “TIP,” “Variant Ig Domain,” “vIgD,” and the Alpine logo are registered trademarks or trademarks of Alpine Immune Sciences, Inc. in various jurisdictions. All other trademarks belong to their respective owners.
Source: Alpine Immune Sciences, Inc.