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Immunovaccine Announces CEO Start Date, Grant of Options and Amendments to its Stock Option Plan
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Immunovaccine Inc. has announced that, further to the Company's announcement of September 12, 2011, John J. Trizzino commences his role as the new Chief Executive Officer and Director of Immunovaccine, effective.
In connection with Mr. Trizzino's appointment as Chief Executive Officer, and as an inducement to his employment, Immunovaccine's Board of Directors approved the grant of a stock option to Mr. Trizzino to purchase up to 1,860,000 shares of Immunovaccine's common stock at an exercise price of $0.37 per share, expiring on September 26, 2016.
Under the Stock Option Plan ("the Plan"), the options will vest in three equal tranches; the first on the date of grant and the others on the first and second anniversary of the date of grant.
In addition, the Board of Directors of Immunovaccine approved certain modifications to the Plan to increase the number of common shares of the Corporation reserved for issuance under the Plan from 4,500,000 to 5,300,000 and to include a definition of "change of control" and specify the rights of the Board of Directors upon the occurrence of same.
The modifications to the Plan were approved by the TSX Venture Exchange on September 15, 2011.
