Flex Pharma, Inc. (NASDAQ:FLKS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
that William McVicar, Ph.D., age 59, has joined the Company as
its President, Research and Development. Prior to joining the
Company, Dr. McVicar served in various leadership roles at Inotek
Pharmaceuticals Corporation (“Inotek”). From September 2007
until January 2009, Dr. McVicar was the Executive Vice President,
Pharmaceutical Development of Inotek and served as Inoteks
Executive Vice President and Chief Scientific Officer from
January 2009 until October 2016. Dr. McVicar also served as
Inotek’s interim President from May 2013 until August 2014. Dr.
McVicar received a B.S. from the State University of New York
College at Oneonta and a Ph.D. in Chemistry from the University
of Vermont.
Dr. McVicar entered into an Executive Employment Agreement (the
“Employment Agreement”). to the Employment Agreement, Dr.
McVicar will receive an annual base salary of $380,000 and is
eligible for an annual bonus that targets 40% of his annualized
base salary based upon an assessment of Dr. McVicar’s
performance and the attainment of targeted goals established for
the Company by the Board of Directors of the Company (the
“Board”). In the event that he is terminated without Cause (as
defined in the Employment Agreement) or resigns for Good Reason
(as defined in the Employment Agreement), Dr. McVicar will be
entitled to severance in the form of salary continuation for nine
months at his then-current base salary. Dr. McVicar will also be
eligible for all other compensation and benefit plans available
to the Company’s employees.
stock option to purchase 200,000 shares of the Company’s Common
Stock at a price per share equal to the closing price of the
Company’s Common Stock on the date of grant. The stock option
will vest over a four-year period, with 25% of the shares of
Common Stock subject to the stock option vesting on the first
anniversary of Dr. McVicar’s start date, and the remaining 75%
vesting monthly over the subsequent three-year period, subject to
Dr. McVicar’s continuing employment with the Company. In the
event that he is terminated without Cause or resigns for Good
Reason during the period beginning 30 days prior to and ending 12
months following a Change in Control (as defined in the
Employment Agreement), then Dr. McVicar will be entitled to the
acceleration of vesting of 50% of his outstanding unvested equity
awards.
its entirety by the full text of the Employment Agreement, which
is filed herewith as Exhibit 10.1 and incorporated herein by
reference. The press release announcing Dr. McVicar’s
appointment is filed as Exhibit 99.1 hereto.
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Exhibit No.
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Description
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10.1
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Executive Employment Agreement, effective as of April
5, 2017, between the Company and William McVicar |
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99.1
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Press Release dated April 5, 2017
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About Flex Pharma, Inc. (NASDAQ:FLKS)
Flex Pharma, Inc. is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms. The Company operates through developing and commercializing products for nocturnal leg cramps, muscle cramps, spasms and spasticity associated with severe neuromuscular conditions, and exercise-associated muscle cramps segment. The Company’s lead drug product candidate is FLX-787, which is in the Phase II clinical trial stage. It is developing a consumer brand and products specifically formulated to treat athletes suffering from EAMCs. Flex Pharma, Inc. (NASDAQ:FLKS) Recent Trading Information
Flex Pharma, Inc. (NASDAQ:FLKS) closed its last trading session down -0.04 at 4.06 with 46,941 shares trading hands.