AVEXIS,INC. (NASDAQ:AVXS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

7 years ago

AVEXIS,INC. (NASDAQ:AVXS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with his appointment as Senior Vice President, Chief Financial Officer, Mr.Donenberg and the Company entered into an employment agreement, effective on the Effective Date.

to the terms of his employment agreement, Mr.Donenberg’s employment is at will and may be terminated at any time by us or Mr.Donenberg. Under the terms of the agreement, Mr.Donenberg is entitled to receive an annual base salary of $350,000 and an annual target bonus of 40% of his annual base salary based upon the Compensation Committee’s assessment of Mr.Donenberg’s performance and our attainment of targeted goals as set by the Compensation Committee in its sole discretion. In accordance with the agreement, Mr.Donenberg was also granted an option to purchase 10,000 shares of our common stock. 25% of the shares subject to the option will vest on October19, 2018 (the first anniversary of the Effective Date) and the remaining shares vest in 36 equal monthly installments thereafter, subject to Mr.Donenberg’s continued service. Mr.Donenberg is entitled to severance benefits under the agreement if his employment is terminated without cause or if he resigns for good reason, subject to his execution of a release. If Mr.Donenberg is terminated without cause or resigns for good reason, he is eligible to receive 12 months of continued base salary and premiums for continued health coverage, or, if such termination or resignation occurs within the three months prior to or 12months following a change in control, as defined in Mr.Donenberg’s employment agreement, 12months of continued base salary, a bonus severance payment equal to the prorated amount of his target annual performance bonus for the year in which the change of control occurs, premiums for continued health coverage and accelerated vesting in full of any outstanding stock awards granted during Mr.

Donenberg’s employment term. to his agreement, Mr.Donenberg also entered into a confidentiality, inventions assignment, non-competition and non-solicitation agreement with us.

The foregoing description of Mr.Donenberg’s employment agreement is not complete and is qualified in its entirety by reference to the employment agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form10-Q for the period ended September30, 2017.

About AVEXIS,INC. (NASDAQ:AVXS)
AveXis, Inc., formerly Biolife Cell Bank, Inc., is a clinical-stage gene therapy company. The Company operates through developing and commercializing gene therapy treatments for patients suffering from neurological genetic diseases segment. The Company’s product candidate, AVXS-101, is its gene therapy product candidate that is in a Phase I clinical trial for the treatment of spinal muscular atrophy (SMA) Type 1, which is a genetic disorder characterized by motor neuron loss and associated muscle deterioration. The survival motor neuron (SMN) is a protein for normal motor neuron signaling and function. Patients with SMA Type 1 either carry a mutation in their SMN1 gene or their SMN1 genes have been deleted. AVXS-101 is designed to deliver a functional human SMN gene into the nuclei of motor neurons that then generates an increase in SMN protein levels. It also focuses to develop AVXS-101 to treat additional SMA types and other treatments for rare neurological genetic diseases.