Axovant Sciences Ltd. (NYSE:AXON) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, effective February 15, 2019, Mark F. Altmeyer, the prior chief commercial officer and president of a subsidiary of Axovant Sciences Ltd., or ASL, resigned from all of his positions at ASL and its affiliated entities and transitioned to Arvelle Therapeutics B.V., or Arvelle, in connection with the formation and initial funding of Arvelle. On March 16, 2019, Mr. Altmeyer executed a separation and general release agreement, or the Separation Agreement, with Axovant Sciences Inc., a wholly-owned subsidiary of ASL.The Separation Agreement will be effective on March 24, 2019, unless revoked prior thereto.
to the Separation Agreement, Mr. Altmeyer will receive his prorated target annual performance bonus for fiscal year 2018, equal to $161,458. Mr. Altmeyer’s time-based vesting options will vest in equal quarterly installments in accordance with the applicable option agreement through February 15, 2019. In addition, for time based vesting options that completed part of a vesting period as of January 31, 2019, a pro rata portion of such option that would have vested on the next vesting date will vest on an accelerated basis, based on the completed portion of the vesting period through January 31, 2019. Mr. Altmeyer’s performance-based stock options would vest based on achievement of the performance criteria set forth in the applicable option agreements at or prior to February 15, 2019. Mr. Altmeyer will have until February 15, 2020 to exercise his vested stock options. In exchange for these benefits, Mr. Altmeyer agreed to certain customary restrictive covenant and release provisions in favor of ASI and its affiliates.
About Axovant Sciences Ltd. (NYSE:AXON)
Axovant Sciences Ltd., formerly Roivant Neurosciences Ltd., is a clinical-stage biopharmaceutical company focused on acquiring, developing and commercializing therapeutics for the treatment of dementia. The Company focuses on developing a pipeline of product candidates to address the cognitive, functional and behavioral aspects of dementia and related neurological disorders. The Company’s focus is to develop its lead product candidate, Intepirdine, which is a selective 5-hydroxytryptamine 6 (5-HT6) receptor antagonist for the treatment of Alzheimer’s disease and dementia with Lewy bodies (DLB). The Company also focuses on developing its second product candidate, Nelotanserin, which is a selective 5-HT2A receptor inverse agonist for the treatment of visual hallucinations in patients with DLB and rapid eye movement (REM) behavior disorder (RBD) in patients with DLB.