GERON CORPORATION (NASDAQ:GERN) 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.
Compensatory Arrangements of Certain Officers
On January 30, 2018, the Compensation Committee of the Board of Directors (the “Board”) of Geron Corporation (the “Company”) approved: (a) annual base salaries for 2018 and (b) cash performance bonuses for 2017 for the following principal financial officer and named executive officers of the Company:
| Salary | Salary | |||
| Increase | Increase | Base | ||
| Name and Current Position | (%) | ($) | Salary | Cash Bonus |
| Olivia K. Bloom, Executive Vice President, Finance, Chief Financial Officer and Treasurer | 8.5% | $35,000 | $445,000 | $201,100 |
| Melissa Kelly Behrs, Executive Vice President, Business Development and Portfolio & Alliance Management | 3.5% | $13,500 | $400,000 | $189,600 |
| Andrew J. Grethlein, Ph.D., Executive Vice President, Development and Technical Operations | 3.3% | $13,800 | $430,000 | $204,100 |
| Stephen N. Rosenfield, J.D., Executive Vice President, General Counsel and Corporate Secretary | 3.9% | $13,360 | $356,000(1) | $165,800 |
____________________
(1)Reflects Mr. Rosenfield’s continued employment by the Company at 80% time.
On January 31, 2018, the Board approved the annual base salary for 2018 and cash performance bonus for 2017 for the following principal executive officer:
| Salary | Salary | |||
| Increase | Increase | Base | ||
| Name and Current Position | (%) | ($) | Salary | Cash Bonus |
| John A. Scarlett, M.D., President, Chief Executive Officer and Director | 3.6% | $23,000 | $667,000 | $386,400 |
In addition, the Board approved, and effective January 31, 2018, the Company entered into, a second amendment to the employment agreement dated September 29, 2011 between the Company and Dr. Scarlett (“the Scarlett Second Amendment”) to increase his monthly housing allowance to not more than $4,000 per month.
The foregoing description of the Scarlett Second Amendment is a summary of the material terms of the Scarlett Second Amendment, and is qualified in its entirety by reference to the Scarlett Second Amendment, a copy of which is filed herewith as Exhibit 10.1, to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
GERON CORP ExhibitEX-10.1 2 geron3313908-ex101.htm SECOND AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.1 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT THIS SECOND AMENDMENT (the “Second Amendment”) to the Employment Agreement,…To view the full exhibit click here
About GERON CORPORATION (NASDAQ:GERN)
Geron Corporation (Geron) is a biopharmaceutical company, which supports the clinical stage development of a telomerase inhibitor, Imetelstat, in hematologic myeloid malignancies by Janssen Biotech, Inc. (Janssen). The Company operates through the segment, which includes discovery and development of therapeutic products for oncology. Imetelstat is a lipid conjugated 13-mer oligonucleotide that is designed to be complementary to and bind with high affinity to the ribonucleic acid (RNA) template of telomerase, thereby directly inhibiting telomerase activity. Imetelstat exhibits relatively preferential inhibition of the clonal proliferation of malignant progenitor cells in nonclinical studies. Janssen is engaged in the development of Imetelstat with over two clinical trials, such as a Phase II trial in myelofibrosis (MF), referred to as IMbark, and a Phase II/III trial in myelodysplastic syndromes (MDS) referred to as IMerge.
