Summary
Regeneron Pharmaceuticals, Inc. (REGN) announced a significant addition to its Board of Directors with the election of Dr. Marc Tessier-Lavigne, effective November 18, 2011. Dr. Tessier-Lavigne brings a wealth of scientific expertise, currently serving as President of Rockefeller University and formerly as Executive Vice President for Research and Chief Scientific Officer at Genentech Inc. His appointment is expected to bolster the company's strategic direction and research capabilities. In conjunction with his appointment, Dr. Tessier-Lavigne will receive a standard director compensation package including an annual cash retainer, meeting fees, and committee fees, which will be prorated for 2011. Furthermore, he was granted an initial stock option award for 25,000 shares and will receive subsequent annual stock option grants. These equity awards are designed to align his interests with those of shareholders and incentivize long-term performance.
Key Highlights
- 1Dr. Marc Tessier-Lavigne elected to the Board of Directors as of November 18, 2011.
- 2Dr. Tessier-Lavigne possesses significant scientific leadership experience from Rockefeller University and Genentech Inc.
- 3Director compensation includes an annual cash retainer and meeting fees.
- 4Initial stock option grant to Dr. Tessier-Lavigne for 25,000 shares at an exercise price of $50.91.
- 5Future annual stock option grants of 15,000 shares are planned.
- 6All stock options vest over three years and expire ten years from the grant date.
- 7Exhibit 99.1 contains the press release detailing Dr. Tessier-Lavigne's election.