Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) 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.
(e) On July 6, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of Concert Pharmaceuticals, Inc. (the “Company”) approved the terms of restricted stock unit awards (the “RSUs”) to all of the current employees of the Company, including Roger Tung, the President and Chief Executive Officer of the Company, James Cassella, the Senior Vice President and Chief Development Officer of the Company, and Nancy Stuart, the Chief Operating Officer of the Company. The Committee approved an award of 80,000 RSUs to Dr. Tung and awards of 60,000 RSUs to each of Dr. Cassella and Ms. Stuart.
Fifty percent (50%) of the RSUs granted to Dr. Tung are eligible to vest on March 31, 2018 and the remaining fifty percent (50%) of the RSUs granted to Dr. Tung are eligible to vest of March 31, 2019, in each case subject to the achievement of certain performance criteria prior to March 31, 2018, including the closing of the Asset Purchase Agreement with Vertex Pharmaceuticals, Inc. and the institution by the Patent Trial and Appeal Board of a Post Grant Review petition filed by the Company against Incyte Corporation.
Fifty percent (50%) of the RSUs granted to each of Dr. Cassella and Ms. Stuart are eligible to vest on March 31, 2018, subject to the achievement of the same performance criteria described above, and the remaining fifty percent (50%) of the RSUs are time-based awards and will vest on March 31, 2019.
The RSUs will be granted to a form of RSU Award Agreement approved by the Committee on July 6, 2017 under the Company’s 2014 Stock Incentive Plan. Under the terms of the RSU Award Agreement, the Company may issue the right to receive, upon vesting and the satisfaction of any required tax withholding obligation, shares of the Company’s common stock (“Common Stock”), which will become vested as set forth in the applicable award on the basis of one share of Common Stock for each RSU, provided that the grantee has remained continuously employed by the Company from the grant date to such applicable vesting date. The Form of RSU Award Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 5.02. Financial Statements and Exhibits.
(d)Exhibits
The Exhibits to this Current Report on Form 8-K are listed in the Exhibit Index attached hereto.
CONCERT PHARMACEUTICALS, INC. ExhibitEX-10.1 2 exhibit101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1 Concert Pharmaceuticals,…To view the full exhibit click here
About Concert Pharmaceuticals, Inc. (NASDAQ:CNCE)
Concert Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of small molecule drugs. The Company operates through the development of pharmaceutical products on its own behalf or in collaboration with others segment. It has clinical candidates under development, including AVP-786, CTP-656, CTP-730 and JZP-386. The Company’s deuterated chemical entity platform (DCE Platform) enables it to identify compounds for deuteration and to design, evaluate, develop and manufacture deuterated compounds. The Company is utilizing its DCE Platform to discover and develop product candidates for a range of indications. The Company’s product candidate, CTP-656, is a next generation potentiator that the Company is initially developing for the treatment of cystic fibrosis in patients having gating mutations, including the G551D mutation. AVP-786 is a combination of a deuterated dextromethorphan analog and a low dose of quinidine.
