COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April5, 2017, the Compensation Committee of the Board of
Directors of Coherus BioSciences, Inc. (the Company) adopted the
Coherus BioSciences, Inc. Executive Change in Control and
Severance Plan (the Severance Plan), effective April5, 2017, for
certain employees of the Company, including each of the Companys
named executive officers (as identified in the Companys most
recent definitive proxy statement filed with the Securities and
Exchange Commission, the executives).
The Severance Plan provides for the payment of severance and
other benefits to the executives in the event of a termination of
employment by the Company other than for cause or by the
executives constructive termination (each as defined in the
Severance Plan and each such termination, a Covered Termination).
In the event of a Covered Termination of an executive other than
during the 12-month period following a change in control (as
defined in the Severance Plan), the Severance Plan provides for
the following payments and benefits to such executive, subject to
the executives delivery to the Company of a general release of
all claims against the Company and its affiliates (a Release):
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continued payment of the executives base salary during a specified period (such period, the Severance Period), which is |
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24-months in the case of the Chief Executive Officer of the Company (Dennis M. Lanfear); and |
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12-months in the cases of the each of the Companys Chief Financial Officer (Jean-Frdric Viret, Ph.D.), Chief Medical Officer (Barbara K. Finck, M.D.), Chief Scientific Officer (Alan C. Herman, Ph.D.) or Chief Technical Officer ( Peter K. Watler, Ph.D.); |
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payment or reimbursement of Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA) healthcare premiums until the earlier of (a)the last day of the applicable Severance Period and (b)the date the executive and his or her dependents, if any, become eligible under another employers plan(s); and |
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each outstanding Company equity award that the executive holds as of the date of the executives Covered Termination will vest and, if applicable, become exercisable to the same extent such equity award would have vested had the executive remained employed by the Company during the Severance Period. |
In the event of a Covered Termination of an executive during the
12-month period following a change in control (as defined in the
Severance Plan), the Severance Plan provides for the following
payments and benefits to such executive, subject to the
executives delivery to the Company of a Release:
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an aggregate amount of base salary the executive would have received during the Severance Period, at the then-current rate in effect, had the executive remained employed by the Company during the Severance Period, payable in a cash lump sum, less applicable withholdings; |
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payment or reimbursement of COBRA healthcare premiums until the earlier of (a)the last day of the applicable Severance Period and (b)the date the executive and his or her dependents, if any, become eligible under another employers plan(s); and |
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each outstanding Company equity award that the executive holds as of the date of the executives Covered Termination will vest and, if applicable, become exercisable, as to 50% of the shares underlying such equity award. |
The above description is a summary of the terms of the Severance
Plan and is subject to and qualified in its entirety by the terms
of the Severance Plan, a copy of which is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. |
Description |
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| 99.1 |
Coherus BioSciences, Inc. Executive Change in Control and Severance Plan, effective April5, 2017. |
About COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS)
Coherus BioSciences, Inc. is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. Its business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial. Its long-acting granulocyte colony-stimulating factor (G-CSF) product candidate, CHS-1701, is a pegfilgrastim (Neulasta) biosimilar. Its clinical-stage pipeline consists of two anti-Tumor Necrosis Factors (anti-TNFs). COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS) Recent Trading Information
COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS) closed its last trading session down -0.15 at 19.40 with 551,178 shares trading hands.
