Iovance settles derivative suit over director compensation; $600k fee, option cancellations

IOVANCE BIOTHERAPEUTICS, INC.

Iovance cancels 12,796 (2019), 11,731 (2020), 8,603 (2021) options to non-employee directors; awards reduced below 75th peer percentile.
Governance reforms cap director comp at 75th percentile through 2027, limit options to 60% of equity grants, require annual comp consultant review.
Iovance pays $600,000 for plaintiff attorney fees (court approval required); no admission of wrongdoing by defendants.
Settlement hearing scheduled for July 11, 2024; if approved, derivative action dismissed with prejudice.
Stockholders may object by July 1, 2024 with proof of ownership and grounds; otherwise barred from contesting settlement.

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