BEIGENE,LTD. (NASDAQ:BGNE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosure in Item 9.01 of this Current Report on Form8-K related to the 2018 ESPP and the 2016 Plan (each as defined below) is incorporated herein by reference.
Item 9.01 Other Events.
Amendments to Equity Plans
On August7, 2018, the Board of Directors of BeiGene,Ltd. (the “Company”) approved certain amendments to the 2018 Inducement Equity Plan (the “Inducement Plan”), the BeiGene,Ltd. 2018 Employee Share Purchase Plan (the “2018 ESPP”) and the BeiGene,Ltd. 2016 Share Option and Incentive Plan (the “2016 Plan” and, together with the Inducement Plan and the 2018 ESPP, the “Plans”), which amendments took effect on August8, 2018.
The amendments to the Plans were entered into for the purpose of complying with the RulesGoverning the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Exchange Rules”) in connection with the Company’s previously announced listing on the Main Board of The Stock Exchange of Hong Kong Limited, which was completed on August8, 2018. The Exchange Rulesinclude, among other things, a prohibition on automatic annual increases in the number of shares available under the Plans (i.e., so-called “evergreen” provisions) and a requirement that the total number of securities which may be issued upon exercise of all options to be granted under all plans of the Company must not, in the aggregate, exceed ten percent (10%) of the relevant class of securities outstanding as of the date of approval of each relevant plan.
2018 Inducement Equity Plan
The amendments to the Inducement Plan include, among other changes: (i)the imposition of a maximum number of shares issued and issuable upon the exercise of options granted and to be granted under the Inducement Plan and any other plan of the Company to an individual within any 12-month period (of 1% of the Company’s total outstanding share capital at the date of any grant); (ii)the establishment of a minimum exercise price of any option granted under the Inducement Plan (which shall be no less than the higher of the trading price on NASDAQ on the date of the grant or the average trading price for the five business days immediately preceding the day of grant); (iii)the ability of the administrator of the Inducement Plan to set minimum hold periods or performance targets before options granted under the plan may be exercised; and (iv)the automatic cancellation of any option granted but not exercised by the end of its term.
2018 ESPP
The amendments to the 2018 ESPP include: (i)the elimination of a provision for the automatic annual increase in the number of shares available for issuance under the 2018 ESPP; and (ii)to the extent the 2018 ESPP is deemed an option plan for the purpose of the Exchange Rules, the establishment of a methodology for determining, with respect to shares purchased under the 2018 ESPP, the number of shares that shall be deemed to be option shares and the number of shares that shall be deemed to be a share award in compliance with the Exchange Rules.
2016 Share Option and Incentive Plan
The amendments to the 2016 Plan include, among other changes: (i)the imposition of a maximum limit of shares issued and issuable upon the exercise of options granted and to be granted under the 2016 Plan and any other plan of the Company to an individual within any 12-month period (of 1% of the Company’s total outstanding share capital at the date of any grant); (ii)a provision capping the shares reserved for issuance under the 2016 Plan, the 2018 ESPP and the Inducement Plan at ten percent (10%) of the Company’s issued share capital; (iii)the elimination of a provision for the automatic annual increase in the number of shares available for issuance under the 2016 Plan; (iv)the establishment
