Sesen Bio Strengthens Leadership Team - Seite 2

Monica Forbes brings more than 20 years of financial leadership experience to Sesen Bio, including prior experience leading the finance and administrative functions of late and commercial-stage public and private life science companies. Ms. Forbes most recently served as the chief financial officer of Nalpropion Pharmaceuticals where she led the integration of a newly acquired asset and supporting commercial team. Prior to that, Ms. Forbes served as the acting chief financial officer of Orexigen Therapeutics where she oversaw all finance and administrative operations for the publicly traded company and played a key role in the successful sale of the company. Prior to being appointed acting chief financial officer at Orexigen, Ms. Forbes held various leadership roles with expertise in financial planning and analysis, budgeting, forecasting and business development across companies such as AstraZeneca, Invitrogen, Ericsson and Qualcomm. Ms. Forbes holds a Bachelor of Science in Business Administration from San Diego State University.

In connection with the appointment of Ms. Forbes, Sesen Bio entered into an employment agreement with Ms. Forbes that, among other things, provides for the grant of a non-statutory stock option outside of the company’s 2014 Stock Incentive Plan as an inducement material to Ms. Forbes entering into employment with Sesen Bio in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The stock option to purchase 240,000 shares of the company’s common stock is being granted effective as of August 1, 2019. The stock option grant was approved by the independent compensation committee of the board of directors in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The stock option will have an exercise price per share equal to the closing price per share of Sesen Bio’s common stock on The Nasdaq Global Market on August 1, 2019. The stock option will have a ten-year term and will vest over a four-year period, with 25 percent of the shares underlying the stock option award vesting on the first anniversary of the date of grant and an additional 6.25 percent of the shares underlying the stock option vesting at the end of each successive three-month period following the one-year anniversary of the date of grant of the stock option, subject to Ms. Forbes’s continued service with the company through the applicable vesting dates.