INFORMATION CONTAINED IN THIS REPORT ON FORM
6-K
Management Transition
Legend Biotech Corporation (the Company) announced that its Board of Directors has appointed Dr. Fangliang (Frank) Zhang to serve as Chief
Executive Officer, effective as of August 1, 2020.
Dr. Zhang will continue to serve as Chairman of the Board of Directors of the Company.
Concurrent with his appointment as Chief Executive Officer, Dr. Zhang has stepped down as Chief Executive Officer of Genscript Biotech Corporation, the Companys majority shareholder.
In connection with his appointment as Chief Executive Officer, the Company has entered into an offer letter with Dr. Zhang setting forth the terms of his
employment. Pursuant to the offer letter, Dr. Zhang is entitled to an initial annual base salary of $311,538. Dr. Zhang is also eligible to receive an annual performance bonus, with a target bonus of 67% of his base salary.
Dr. Zhang will succeed Chief Executive Officer, Dr. Yuan Xu, who has resigned from her position as Chief Executive Officer, effective August 1,
2020. Dr. Xu has also resigned from the Board of Directors of the Company, effective August 1, 2020. In connection with her resignation, the Company has agreed to pay severance to Dr. Xu, comprising Dr. Xus monthly base
salary for a period of twelve months and a payment, representing a portion of Dr. Xus annual bonus, equal to $179,275, in each case less applicable withholdings. In addition, options held by Dr. Xu to purchase 810,000 shares of the
Companys common stock pursuant to the Companys stock option incentive plan immediately vested as of August 1, 2020. In consideration for these severance arrangements, Dr. Xu provided the Company with a customary release of
claims.
This report on Form 6-K (other than Exhibit 99.1) shall be deemed to be incorporated by reference in the
registration statement of the Company on Form S-8 (No. 333-239478) to the extent not superseded by documents or reports subsequently filed.
Attached to this Form 6-K as Exhibit 99.1 is the press release announcing the management transition.
EXHIBIT INDEX
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Exhibit
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Title
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99.1
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Press Release, dated August 2, 2020.
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