Form 4: Agenus Inc. CEO Garo Armen Receives Stock in Lieu of Cash Salary

Agenus Inc. CEO Garo Armen received 2,793 shares of common stock at $5.84 per share as payment for his salary for the pay period ending September 20, 2024.

Summary

• Garo H. Armen, CEO of Agenus Inc., received 2,793 shares of Agenus common stock on September 20, 2024, as compensation in lieu of cash salary.
• The stock was issued at a price of $5.84 per share, which was the closing price of Agenus common stock on that date.
• These shares are fully vested upon issuance, in accordance with the company's 2019 Equity Incentive Plan.
• Following the transaction, Armen directly owns 91,421 shares and indirectly owns 31,298 shares through IRA accounts and 28,950 shares as trustee and general partner.
• Armen disclaims beneficial ownership of a portion of the shares held by Pixie Partners.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a routine disclosure of stock compensation. The CEO taking stock instead of cash could be seen as a positive signal, but it's not a major event.

Positives

• The CEO's decision to take salary in stock aligns his interests with those of shareholders.
• The stock is fully vested on the date of issuance.

Industry Context

This type of arrangement, where executives take compensation in stock, is sometimes seen in companies looking to conserve cash or to further align executive incentives with shareholder value.

Stakeholder Impact

• Shareholders may view the CEO accepting stock in lieu of cash as a positive sign of alignment with their interests.

Key Dates