8-KLeadership ChangesExhibits & Filings

REGENERON PHARMACEUTICALS, INC. 8-K Report, Executive Changes (Nov 22, 2011)

Filed November 22, 2011For Securities:REGN

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.

Frequently Asked Questions

This 8-K filing announces the election of Dr. Marc Tessier-Lavigne to Regeneron's Board of Directors and details his compensation, including stock options.

Dr. Tessier-Lavigne is a prominent figure in the scientific community, serving as President of Rockefeller University and formerly as EVP of Research and CSO at Genentech. His extensive experience in research and development is highly relevant to a biopharmaceutical company like Regeneron.

He will receive an annual cash retainer of $15,000, $5,000 per committee served, and $5,000 per in-person board meeting attended. He also received an initial stock option grant for 25,000 shares and will receive annual grants thereafter.

The initial grant was for 25,000 shares with an exercise price of $50.91. Subsequent annual grants will be for 15,000 shares with an exercise price equal to the fair market value on the grant date. Both initial and annual grants vest in three equal installments over three years and expire ten years after the grant date.