Idera Pharmaceuticals,Inc. (NASDAQ:IDRA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Idera Pharmaceuticals,Inc. (NASDAQ:IDRA) 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.

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On January3, 2019, the Compensation Committee of the Board of Directors of Idera Pharmaceuticals,Inc. (the “Company”) approved compensation for its current named executive officers, as well as John J. Kirby, the Company’s current principal financial officer, as set forth in the bullets and the table below:

· The grant of restricted stock units; and

· Annual base salaries for 2019.

Name

2018Bonus

Stock Options(1)

Restricted Stock

Units(2)

2019Annual Salary

Vincent J. Milano

$

150,000

84,500

33,750

$

600,000

(3)

President and Chief Executive Officer

(no change)

John J. Kirby

$

64,771

25,600

10,250

$

280,000

(4)

Vice President of Finance, Principal Financial and Accounting Officer

(no change)

R. Clayton Fletcher

$

92,000

45,500

18,100

$

400,000

(3)

Senior Vice President, Business Development and Strategy

(no change)

Joanna Horobin

$

72,250

45,500

18,100

$

425,000

(3)

Senior Vice President, Chief Medical Officer

(no change)

Jonathan Yingling

$

80,000

45,500

18,100

$

400,000

(3)

Senior Vice President, Chief Scientific Officer

(no change)

(1) Each grant of options to purchase shares of the Company’s common stock was made effective as of January3, 2019 and to the Company’s 2013 Stock Incentive Plan. The exercise price is $3.14 per share, which is equal to the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant. Subject to the recipient’s continued employment with the Company on the applicable vesting date, the option award shall vest with respect to 25% of the underlying shares on the first anniversary of the date of grant and with respect to the balance of the underlying shares shall vest in twelve equal quarterly installments following the first anniversary of the date of grant.

(2) Each of the restricted stock units, representing a right to receive one share of the Company’s common stock, was granted effective as of January3, 2019 and to the Company’s 2013 Stock Incentive Plan. Subject to the recipient’s continued employment with the Company on the applicable vesting date, 25% of the shares subject to each restricted stock unit award shall vest on each one-year anniversary of the date of grant.

(3) No change from base salary effective January1, 2018.

(4) No change from base salary effective October1, 2018. Mr.Kirby became the Company’s principal financial officer and principal accounting officer effective October31, 2018.

About Idera Pharmaceuticals,Inc. (NASDAQ:IDRA)

Idera Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The Company utilizes two drug discovery technology platforms to design and develop drug candidates, which include Toll-like receptor (TLR) targeting technology and third-generation antisense (3GA) technology. Using TLR technology, the Company designs synthetic oligonucleotide-based drug candidates to act by modulating the activity of specific TLRs. Using its 3GA technology, the Company is developing drug candidates to turn off the messenger ribo nucleic acid (mRNA) associated with disease causing genes. The Company’s drug candidates include IMO-8400; IMO-2125/IMO-2055, and IMO-9200. The Company’s TLR antagonist lead drug candidates are IMO-8400 and IMO-9200, which are both antagonists of TLR7, TLR8 and TLR9. Its TLR agonist lead drug candidates are IMO-2055 and IMO-2125, which are both agonists of TLR9.

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