Form 4: Immunocore Holdings PLC: Head of R&D Granted Stock Options and Restricted Share Units
SEC Form 4 Filing
David M. Berman, Head of R&D at Immunocore Holdings PLC, was granted stock options and restricted share units on February 17, 2025, according to a Form 4 filing.
Summary
- On February 17, 2025, David M. Berman, the Head of R&D at Immunocore Holdings PLC, was granted stock options and restricted share units.
- The stock options grant covers 129,518 ordinary shares with an exercise price of $29.60.
- These options vest over time, with 25% vesting on February 17, 2026, and the remaining 75% vesting in quarterly installments thereafter, contingent upon continuous service.
- Additionally, Berman received 47,297 restricted share units (RSUs), each representing the right to receive one ordinary share.
- These RSUs vest in four equal annual installments starting February 17, 2026, also subject to continuous service.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The granting of stock options and RSUs is a standard practice and generally viewed favorably as it aligns management's interests with shareholders.
Positives
- The grant of stock options and RSUs aligns the interests of the Head of R&D with those of the shareholders.
- The vesting schedules incentivize continued service and contribution to the company's success.
Industry Context
Equity compensation is a common practice in the biotechnology industry to attract, retain, and incentivize key personnel. The vesting schedules are designed to align employee interests with long-term shareholder value.
Comparison to Industry Standards
- Stock option and RSU grants are standard practice in the biotech industry for executive compensation.
- Vesting schedules of 4 years are typical to ensure long-term commitment.
- Comparable companies like Amgen, Gilead, and Regeneron also utilize similar equity compensation packages for their executives.
Stakeholder Impact
- Shareholders may view the equity grants positively as they incentivize management to increase shareholder value.
- Employees, particularly the Head of R&D, are incentivized to remain with the company and contribute to its success.
Key Dates
| Date | Description |
|---|---|
| 02/17/2025 | Date of the transaction: grant of stock options and restricted share units. |
| 02/17/2026 | First vesting date for 25% of the stock options and the first annual installment of the RSUs. |
| 02/16/2035 | Expiration date of the employee share options. |
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