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

Garo Armen, Chairman and CEO of Agenus Inc., received 3,295 shares of common stock in lieu of cash salary for the pay period ending September 6, 2024, at a price of $4.95 per share.

Summary

• Garo H. Armen, Chairman and CEO of Agenus Inc., received 3,295 shares of Agenus common stock on September 6, 2024, in lieu of his cash salary.
• The stock was issued at a price of $4.95 per share, which was the closing price of Agenus common stock on that date.
• This arrangement was approved by the Agenus Inc. Compensation Committee.
• The shares were issued under the Amended and Restated Agenus Inc. 2019 Equity Incentive Plan and are fully vested upon issuance.
• Following the transaction, Armen directly owns 88,628 shares.
• Armen also indirectly owns 31,298 shares through his IRA accounts and 28,950 shares through the Garo Armen 2020 2 Year AG GRAT and Pixie Partners.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The CEO taking stock in lieu of salary can be seen as a positive sign of confidence in the company, but it also suggests the company may be trying to conserve cash.

Positives

• The acceptance of stock in lieu of cash salary by the CEO demonstrates confidence in the company's future prospects.
• The stock was issued under the Amended and Restated Agenus Inc. 2019 Equity Incentive Plan and are fully vested upon issuance.

Industry Context

This type of arrangement, where executives receive stock in lieu of cash, is sometimes used by companies to conserve cash or to align executive compensation with shareholder interests.

Stakeholder Impact

• Shareholders may view the CEO accepting stock in lieu of cash salary as a positive sign of alignment with their interests.
• Employees may see this as a sign of the company trying to conserve cash.

Key Dates