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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On March 23, 2022, the Compensation Committee of the Board of Directors (the “Committee”) of ImmunityBio, Inc., a Delaware corporation (the “Company”), in consultation with Mercer, its independent compensation consultant, established the program design and grant guidelines for its 2022 Long-Term Incentive Program (the “LTIP”) under the Company’s Amended and Restated 2015 Equity Incentive Plan, as amended (the “2015 Plan”). Specifically, the Company granted option awards to purchase shares of the Company’s common stock (the “Awards”) under the LTIP to the Company’s named executive officers (the “NEOs”), as set forth in the table below, with a grant date of March 23, 2022. The shares of common stock subject to each Award shall vest annually in equal one-third installments, beginning on the first anniversary of the grant date, subject to the Award recipient remaining a Service Provider (as that term is defined in the 2015 Plan) through each applicable vesting date. Half of the number of shares underlying each award granted to the NEOs under the LTIP is subject to achievement of a financial goal.
| NAME |
NO. OF SHARES | EXERCISE PRICE(1) | ||||
| Dr. Patrick Soon-Shiong |
700,000 | $5.83 | ||||
| Richard Adcock |
700,000 | $5.83 | ||||
| David Sachs |
250,000 | $5.83 | ||||
| (1) | Equal to the closing price of the Company’s common stock in trading on the grant date. |
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 hereunto duly authorized.
| IMMUNITYBIO, INC. | ||||
| Date: March 25, 2022 | By: | /s/ Jason Liljestrom | ||
| Jason Liljestrom | ||||
| General Counsel and Corporate Secretary | ||||