Legend Biotech : Performance-Based Equity Incentive Award for Chief Executive Officer - Form 6-K
December 21, 2023 at 04:20 pm EST
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6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date of Report: December 21, 2023
Commission File Number: 001-39307
Legend Biotech Corporation
(Exact Name of Registrant as Specified in its Charter)
2101 Cottontail Lane
Somerset, New Jersey 08873
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Performance-Based Equity Incentive Award for Chief Executive Officer
On December 20, 2023 (the "Grant Date"), Legend Biotech Corporation (the "Company") granted to Ying Huang, the Company's Chief Executive Officer, a performance-based restricted share unit award for up to 1,599,732 shares of the Company's ordinary shares, par value $0.0001 per share, pursuant to the Company's 2020 Restricted Shares Plan (the "RSU Grant").
The RSU Grant is eligible to vest over a 5-year period on each anniversary of the Grant Date in accordance with the following schedule, subject to the Chief Executive Officer's continued service on each vesting date:
Vesting Date
Target RSUs
December 20, 2024
233,294
December 20, 2025
249,958
December 20, 2026
266,622
December 20, 2027
283,286
December 20, 2028
299,950
The percent of the Target RSUs that will vest on each vesting date is subject to the Chief Executive Officer's performance relative to the Company's goals as determined by the Company's board of directors (the "Board") and compensation committee of the Board. If Dr. Huang is deemed to "Exceed Expectations", perform "At Target" or perform at "Minimum Acceptable Performance" for a given year, then 120%, 100% or 50% of the applicable Target RSUs will vest for such year.
Because the vesting of the RSU Grant is linked to and contingent upon achievement of the Company's key long-term goals, the Company's Board believes that the RSU Grant increases the alignment between the interests of Dr. Huang and the Company's shareholders.
This report on Form 6-K is hereby incorporated by reference in the registration statements of the Company on Form F-3 (Nos. 333-272222,333-257609 and 333-257625) and Form S-8 (No. 333-239478).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Legend Biotech Corporation published this content on 21 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2023 21:18:55 UTC.
Legend Biotech Corporation is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of cell therapies for oncology and other indications. Its lead product candidate, ciltacabtagene autoleucel (cilta-cel), referred to as LCAR- B38M, is an autologous chimeric antigen receptor (CAR-T) cell therapy that targets the B-cell maturation antigen (BCMA), which is a highly expressed protein in several hematologic malignancies, including multiple myeloma (MM). In addition to cilta-cel, the Company has a portfolio of earlier-stage autologous CAR-T product candidates targeting various cancers, including Non-Hodgkins Lymphoma, acute lymphoblastic leukemia, gastric cancer, esophageal cancer, pancreatic cancer, colorectal cancer, hepatocellular carcinoma, small cell lung cancer, and non-small cell lung cancer. It is also engaged in developing an allogeneic gamma delta CAR-T product candidate and an allogeneic CAR-NK product candidate targeting BCMA for MM.