Form 8-K - Current report
29 Février 2024 - 10:30PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 23, 2024
ADC Therapeutics SA
(Exact Name of Registrant as Specified in Its Charter)
Switzerland
(State or Other Jurisdiction of Incorporation) |
001-39071
(Commission File Number) |
N/A
(IRS Employer Identification Number) |
Biopôle
Route de la Corniche 3B
1066 Epalinges
Switzerland
(Address of Principal Executive Offices) (Zip Code) |
+41 21 653 02 00
(Registrant’s Telephone Number) |
N/A
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
| ☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
Common Shares, par value CHF 0.08 per share |
ADCT |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 C.F.R. §230.405) or Rule 12b-2 of the Securities Exchange Act of
1934 (17 C.F.R. §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 23, 2024, the Board of Directors of ADC Therapeutics SA
(the “Company”) approved the adoption of the ADC Therapeutics SA Annual Bonus Plan (the “Plan”). The Plan, a cash-based
annual incentive plan, is intended to reward employees of the Company and its subsidiaries for their contributions to the success of the
Company. Bonus payments will be based on the Company’s achievement of corporate objectives. The named executive officers of the
Company will be eligible to participate in the Plan, commencing with the 2024 annual bonus period.
The foregoing description of the Plan is not complete and is qualified
in its entirety by the Plan, which is filed as Exhibit 10.1 hereto and incorporated by reference into this description.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ADC Therapeutics SA |
|
|
|
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Date: February 29, 2024 |
|
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By: |
/s/ Peter J. Graham |
|
Name: |
Peter J. Graham |
|
Title: |
Chief Legal Officer |
Exhibit 10.1
ADC Therapeutics SA
Annual Bonus Plan
Effective: February 2024
Rationale and Objective
ADC Therapeutics
SA (“ADCT”) has created this Annual Bonus Plan (“Plan”) to reward employees for their contributions to the success
of the Company. The Plan is an incentive form of cash compensation designed to better align employees’ interests with those of
the Company and its stockholders. The Company believes that development, commercialization, growth and future profitability will help
contribute to increased shareholder value and the Plan provides employees with an opportunity to receive a cash bonus on an annual basis
depending upon the achievement of pre-determined corporate performance criteria. As a participant in the Plan, employees play an important
role in helping to achieve ADCT’s goals and its future success.
The purpose of the
Plan is to maximize corporate performance by rewarding achievements in alignment with the Company objectives and mission and it is designed
to meet the following objectives:
| · | Focus
ADCT’s employees on critical corporate objectives |
| · | Strengthen
the link between pay and overall performance |
| · | Offer
competitive, market-based annual bonus award opportunities |
| · | Encourage
and reward behavior that reflects ADCT’s competencies and values (e.g., integrity,
creativity, accountability, collaboration, urgency) |
Scope
The
Plan applies to ADC Therapeutics America, Inc., ADC Therapeutics (UK) Ltd, and ADC Therapeutics SA (the “Company”)
and the Company’s employees.
In case of a conflict
between this Plan and applicable laws and regulations, the more restrictive provision applies.
Effectiveness
The Plan is administered
on an annual basis and will be effective from January 1 through December 31 of each calendar year (“Plan year”).
Eligibility
and Participation
Participation
in the Plan is limited to employees who are classified as full-time and part-time regular employees in good standing with the Company.
Employees are only eligible to participate in one Company bonus plan. Employees participating in this Plan will have an annual target
bonus amount, expressed as a percentage of their base salary. Part-time employees will have a prorated bonus based upon their hours worked.
| · | New
Hires: New hires will be prorated according to their start date. Payouts will be prorated
for full days worked. However, new employees who start in the last quarter of the Company’s
Plan year (on or after October 1) will wait until the new Plan year to participate. The Company
may, in its sole discretion, determine who shall be eligible to participate in the Plan and
may establish such criteria as it deems fit for each Plan year. |
| · | Job
Transfers: Employees who transfer into or out of a bonus-eligible position will have a prorated
bonus payment based upon the effective date of the job transfer. |
| · | Promotions:
Employees who are promoted into a role with a higher target bonus percentage will have a
prorated bonus payment calculated with the two different bonus target percentages and the
applicable base salaries based upon the effective date of the promotion. |
| · | Leaves
of Absence: US based employees who are on an approved leave of absence during the Plan year
will receive a prorated bonus payment based upon the start date, duration of leave, and return
to work date, ie. if an employee is out on leave for 6 weeks of the Plan year, their bonus
calculations would be prorated by 88% (46/52). For other countries, local regulations will
apply. |
| · | Terminations:
The payment of a bonus depends on the circumstances under which an employee leaves ADCT.
Local state laws will prevail where applicable. Specifically: |
| · | Voluntary
Separation: Employees who voluntarily leave ADCT before any bonuses are paid out will forfeit
the entire annual bonus award, regardless of any amounts earned. You must be an active employee
on the date awards are paid to receive an award. |
| · | Involuntary
Separation without Cause: Employees with length of service for the entire Plan year (i.e.
all 12 months of the Plan year) who are terminated by the Company without cause after the
completion of the Plan year but before bonus payout will generally be entitled to an award
under the Plan. Such award, if any, may be paid at such time as other employees receive their
Plan awards and will be based on the actual performance achieved during that period. Employees
with length of service less than the entire Plan year who are terminated by the Company without
cause will not be eligible for an award under the Plan. |
| · | Involuntary
Separation for Cause: Employees whose employment is terminated by the Company due to cause
will forfeit the entire annual bonus award regardless of when they were terminated. |
| o | If during
the Plan year, the employee is not meeting performance expectations and has been advised
of the same including being placed on a performance improvement plan (PIP), and the employee
successfully improves their performance including successfully completeing the PIP, such
employee will generally be eligible to receive a bonus under this Plan. |
| o | If during
the Plan year, the employee is not meeting performance expectations and has been advised
of the same including being placed on a performance improvement plan (PIP), and the employee
does not successfully improve their performance or complete the PIP, such employee will not
be eligible to receive a bonus under this Plan. |
Plan
Overview
As a participant
in the Plan, employees are eligible to receive an annual cash bonus award based on ADCT’s performance during each Plan year.
| · | During
the first quarter of each Plan year, the target bonus award opportunity for that year is
established and eligible participants are notified of their participation for the new Plan
year. An employee’s annual bonus target award opportunity is expressed as a percentage
of their actual base salary. |
| · | The
bonus awards will be based upon the Company’s achievement of corporate objectives.
An employee’s annual bonus opportunity is comprised of corporate objectives only. |
| · | The
annual corporate objectives will be communicated to all employees during the first quarter
of each Plan year. Periodic updates will be provided during town halls and other Company
communications. |
| · | The
calculation of the annual bonus will be based upon the Company’s performance as it
relates to the annual ADCT corporate objectives that are approved by the Board of Directors
(“Board”) or the Compensation Committee of the Board on an annual basis. The
corporate objectives are made up of critical corporate goals and milestones. |
| · | The
corporate objectives are used as the basis for measuring the Company’s degree of success
of each Plan year. |
| · | The
Company will establish a range of acceptable performance results for the year (the “payout
curve”). Each payout curve will include the target for the year and the minimum and
maximum bonus levels for that particular objective. The percentage of weighting for specific
corporate objectives may vary by objective. |
| · | Following
the end of each Plan year, the actual achievement for each objective is compared to the payout
curve to determine the amount of payment, if any, related to the achievement of the corporate
objectives of the Plan. |
| · | In
general, Plan awards, if earned, are paid on or before March 15th in the US and
on or before the end of March in other countries. |
Payment
of Awards
| · | Awards
will be communicated and paid in the March timeframe, once the prior year’s results
have been calculated and approved by the Board or the Compensation Committee. |
| · | Bonus
payments will be paid to all eligible participants via normal payroll processing, with deduction
for applicable taxes and withholdings, as soon as practical following the end of Company
performance measurements and calculations. |
| · | Setting
a target of performance for any participant does not constitute a promise to pay an award
even if the performance target is met. |
Administration
of the Plan
The Plan shall be
administered by the Board or the Compensation Committee, which shall have full power and discretionary authority to interpret the Plan,
to construe any doubtful or disputed terms, to amend,modify, or terminate the Plan as it deems appropriate, to determine the amount of
benefits payable to an employee, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate
for the proper administration of the Plan, to make any other determinations, including factual determinations, and to take any other
such actions as it deems necessary or advisable in carrying out its duties under the Plan. The Board or the Compensation Committee
may delegate the day to day administration of the Plan to the CEO or the Chief People Officer.
Miscellaneous
This Plan Summary
describes the provisions of the ADC Therapeutics SA Annual Bonus Plan. ADCT reserves the right to amend, suspend or terminate the Plan
at any time, for any reason or no reason. Enrollment in this Plan is not a guarantee of employment and employment with ADCT is not a
guarantee of continued participation in this Plan. Participation in this Plan does not alter the employment-at-will status of an employee,
nor the rights of the Company or employee to terminate employment at any time, with or without cause.
Participation in
the Plan is not a guarantee that a bonus award will be paid. Actual awards, if any, will be determined based on the performance of ADCT
and will be determined at the discretion of the Committee.
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