Bellerophon Therapeutics, Inc. (NASDAQ:BLPH) 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.
(c)
On December18, 2017, Bellerophon Therapeutics, Inc. ("Bellerophon" or the "Company") entered into an offer letter with Assaf Korner in connection with the commencement of his employment as the Chief Financial Officer ("CFO") of the Company, effective January 8, 2018.
Mr. Korner, age 40, has over 15 years of financial experience in medical device and consumer product companies. Prior to joining Bellerophon, Mr. Korner served as the Chief Financial Officer of L&R Distributors, a national consumer product distributor, since 2016. Prior to that, Mr. Korner served as the Chief Financial Officer of Iluminage Beauty, a Joint Venture between Unilever and Syneron Medical, from 2011 through 2016. Prior to Iluminage, Mr. Korner held several senior finance roles in Syneron Medical from 2005 through 2011. Prior to Syneron Medical, Mr. Korner served as a Senior Auditor at KPMG.Mr. Korner holds an MBA from Tel-Aviv University, a Bachelor’s degree in Accounting and Economics from Haifa University and is a Certified Public Accountant.
to the terms of his employment offer letter with the Company, Mr. Korner is employed at will, and either the Company or Mr. Korner may terminate the employment relationship for any reason, at any time. The letter provides that Mr. Korner is entitled to a $265,000 annual base salary, subject to annual review by the Company. Following the end of each calendar year, Mr. Korner is eligible to receive an annual bonus for such calendar year in accordance with the terms of the Company's management incentive program, calculated as a percentage of his annual base salary. Mr. Korner's target bonus percentage for the 2018 calendar year will be 40%. Mr. Korner’s offer letter includes the award of a one-time incentive stock options under the Company’s 2015 Equity Incentive Plan to purchase a number of shares of common stock, $0.01 par value per share, of the Company to be determined by the Compensation Committee of the Board of Directors of the Company. These options will vest in four equal installments, with the first installment vesting one year following Mr. Korner’s start date.
Mr. Korner has no family relationships with any of the executive officers or directors of the Company. Except for the offer letter described above, there are no arrangements or understandings between Mr. Korner and any other person to which he was elected as an officer of the Company. The Company is not aware of any transactions in which Mr. Korner has an interest that would require disclosure under Item 404(a) of Regulation S-K.
About Bellerophon Therapeutics, Inc. (NASDAQ:BLPH)
Bellerophon Therapeutics, Inc. is a clinical-stage therapeutics company. The Company is focused on developing products at the intersection of drugs and devices that address medical needs in the treatment of cardiopulmonary diseases. The Company is focused on the development of its nitric oxide therapy for patients with pulmonary hypertension (PH), using its delivery system, INOpulse, with pulmonary arterial hypertension (PAH) as the lead indication. Its INOpulse device has a mechanism that delivers brief, targeted pulses of nitric oxide timed to occur at the beginning of a breath for delivery to the alveoli of the lungs, which minimizes the amount of drug required for treatment. The Company’s second program, BCM, is a medical device focused to prevent congestive heart failure following a ST Segment Elevation Myocardial Infarction (STEMI), which is a type of severe heart attack. The Company’s BCM is in PRESERVATION I clinical trial.