CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Compensation Matters
On January19, 2017, the Board of Directors of CymaBay
Therapeutics, Inc. took the following compensation actions with
respect to CymaBays following executive officers (collectively,
the Officers):
2016 Officer Bonuses
Approved the 2016 cash bonuses for the Officers based on CymaBays
performance as against targets established by the CymaBays Board
of Directors for the calendar year 2016:
| Executive Officer | Title | Bonus | ||
| Harold Van Wart | President and Chief Executive Officer | $260,075 | ||
| Sujal Shah | Chief Financial Officer | $121,023 | ||
| Charles McWherter | Senior Vice President and Chief Scientific Officer | $136,125 |
2017 Salaries
Approved the 2017 salaries for the Officers, to be effective
January1, 2017, as follows:
| Executive Officer | Title | 2017 Salary | ||
| Harold Van Wart | President and Chief Executive Officer | $530,553 | ||
| Sujal Shah | Chief Financial Officer | $352,696 | ||
| Charles McWherter | Senior Vice President and Chief Scientific Officer | $367,563 |
2017 Target Bonuses
Approved the 2017 target bonuses for the Officers, as follows:
| Executive Officer | Title | Percentage of 2017 Salary | ||
| Harold Van Wart | President and Chief Executive Officer | 50% | ||
| Sujal Shah | Chief Financial Officer | 35% | ||
| Charles McWherter | Senior Vice President and Chief Scientific Officer | 35% |
Actual 2017 bonuses will be determined based on corporate and
individual performance measured against target goals yet to be
established.
Option Grants
Approved stock option grants under CymaBays 2013 Equity Incentive
Plan to the following Officers:
| Executive Officer | Title | Shares subject to Option | ||
| Harold Van Wart | President and Chief Executive Officer | 200,000 | ||
| Sujal Shah | Chief Financial Officer | 100,000 | ||
| Charles McWherter | Senior Vice President and Chief Scientific Officer | 100,000 |
The options have an exercise price of $1.72 per share and vest
over a four-year period, with one-quarter of the shares subject
to the option vesting on the first anniversary of the grant date
of January19, 2017, and the remaining three-quarter of the shares
subject to the options vesting ratably on a monthly basis over
the following thirty-six (36)months thereafter provided such
officer is continuing to provide services to CymaBay on such
vesting date.
About CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982. CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Recent Trading Information
CymaBay Therapeutics, Inc. (NASDAQ:CBAY) closed its last trading session 00.00 at 1.64 with 113,709 shares trading hands.
