The Compensation Committee of the Board of Directors of Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) approved equity compensation awards for the Company’s executive officers, Yuval Cohen, Ph.D., Chief Executive Officer; Barbara White, M.D., Chief Medical Officer; Mark Tepper, Ph.D., President and Chief Scientific Officer; and Sean Moran, Chief Financial Officer.
The Committee approved an award of 150,000 options (the “Options”) to purchase shares of the Company’s common stock, par value $0.0001 per share, to each of Dr. Cohen, Dr. White, Dr. Tepper and Mr. Moran. The Options were granted in accordance with the terms of the Company’s 2014 Equity Compensation Plan (the “Plan”). The Options have an exercise price of $8.71 and will vest 25% on the one year anniversary of the grant date and the remainder in equal monthly installments over three years, with full acceleration of vesting upon a change in control (as defined in the Plan). The Options represent a portion of the annual equity award that the Company expects to pay to the executive officers in early 2017 for performance in 2016. As it did in 2015, the Committee intends to engage an independent compensation consultant to determine the amount of compensation to be paid to the Company’s executive officers, including cash and equity bonuses to be paid to the Company’s executive officers in early 2017 for performance in 2016.