GERMANTOWN, Md., Sept. 26, 2016 /PRNewswire/ -- Intrexon Corporation (NYSE: XON), a leader in synthetic biology, today announced that pursuant to New York Stock Exchange Rule 303A.08 it granted Geno J. Germano an employment inducement award in connection with Mr. Germano's appointment as President.
As Intrexon previously disclosed in a Current Report on Form 8-K filed on May 17, 2016, the Intrexon Compensation Committee approved the award to Mr. Germano of options to purchase an aggregate of 2,000,000 shares of the Company's common stock at an exercise price of $29.94, the closing price per share of the Company's common stock on June 1, 2016, Mr. Germano's first day of employment with Intrexon. A grant for 1,000,000 of these shares was previously issued pursuant to Intrexon's 2013 Omnibus Incentive Plan. The inducement award, a stock option award of 1,000,000 shares at an exercise price of $29.94, fulfills the balance of the company's commitment to Mr. Germano and was a material inducement for Mr. Germano to join Intrexon. The award vests in four equal annual installments beginning on June 1, 2017. The award is subject to accelerated vesting in certain situations and expires on May 31, 2026. The award will generally be subject to the same terms and conditions as apply to awards granted under the 2013 Omnibus Incentive Plan.