Form 4: Fortress Biotech Director Jimmie Harvey Receives Restricted Stock Grant

Director Jimmie Harvey received a grant of 49,383 restricted shares of Fortress Biotech stock, which will vest over three years, with the director electing to defer 100% of the shares.

Summary

• Jimmie Harvey, a director of Fortress Biotech, received 49,383 shares of restricted stock on January 1, 2025, under the company's 2013 Stock Incentive Plan.
• The shares vest in three equal installments on January 1, 2026, 2027, and 2028, contingent upon continued service.
• Harvey elected to defer 100% of these restricted shares and instead received deferred share units subject to the same vesting conditions.
• Vested deferred shares will be delivered to Harvey the January following termination of service, or earlier upon death or a change in control of the issuer.
• Following the transaction, Harvey's total holdings include 119,382 shares, with 116,043 shares underlying deferred restricted stock units.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine disclosure of a stock grant, which is a common practice.

Positives

• The grant of restricted stock aligns the director's interests with those of the shareholders.
• The vesting schedule encourages continued service and commitment to the company.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the restricted stock.

Industry Context

Stock grants to directors are a common practice in the biotech industry to incentivize performance and align interests with shareholders.

Comparison to Industry Standards

• Stock grants to board members are a common practice across the biotechnology industry.
• Companies like Amgen, Gilead Sciences, and Biogen regularly use stock options and restricted stock units as part of their compensation packages for directors.
• The vesting schedule of one-third annually over three years is a typical vesting arrangement.

Stakeholder Impact

• The stock grant aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.

Key Dates