IMMUNE DESIGN CORP. (NASDAQ:IMDZ) 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; Compensation
Arrangements of Certain Officers.
the Board of Directors of Immune Design Corp. (the Company)
approved 2016 cash bonuses, 2017 annual base salaries, 2017 bonus
targets and equity awards for the Companys named executive
officers (each, an Executive), as set forth below.
Targets
annual base salaries, which salaries are effective January 1,
2017, and 2017 bonus targets for the Executives:
|
Name and Title
|
2016 Cash Bonus
|
2017 Annual
Base Salary
|
2017 Bonus Targets
|
|
Carlos Paya, M.D., Ph.D.
President and Chief Executive Officer
|
$236,736
|
$584,850
|
50%
|
|
Stephen Brady
Executive Vice President, Strategy and Finance
|
$108,870
|
$400,000
|
40%
|
units (Time-Based RSUs), performance-based restricted stock units
(Performance-Based RSUs) and options to purchase shares of the
Companys common stock to the Executives as annual equity
incentive awards granted to the Companys 2014 Omnibus Incentive
Plan, which grants are set forth in the table below.
|
Name and Title
|
Time-Based RSUs
|
Performance-Based RSUs
|
Option Grant (shares)
|
|
Carlos Paya, M.D., Ph.D.
President and Chief Executive Officer
|
36,000
|
40,000
|
175,000
|
|
Stephen Brady
Executive Vice President, Strategy and Finance
|
15,000
|
20,000
|
85,000
|
right to receive one share of the Companys common stock and has a
vesting commencement date of January 4, 2017. Twenty-five percent
of the Time-Based RSUs granted to each Executive will vest on
each anniversary of the vesting commencement date over a
four-year period, subject to the Executives continued service
with the Company.
the right to receive one share of the Companys common stock at a
future date, subject to achievement of certain performance
criteria set forth in the Performance-Based RSU agreements. Upon
the achievement of the performance criteria, twenty-five percent
of the Performance-Based RSUs granted to each Executive will
immediately vest, and an additional twenty-five percent of the
Performance-Based RSUs will vest on January 4 of each year
beginning in 2019, subject to the Executives continued service
with the Company. Notwithstanding anything to the contrary, the
Performance-Based RSUs will not vest and will expire if the
performance criteria has not been achieved by December 31, 2017.
stock unit agreement, a copy of which is filed hereto as Exhibit
10.1. Each of the Time-Based RSUs and Performance-Based RSUs
shall be subject to the terms and conditions set forth in this
new form of restricted stock unit agreement.
commencement date of January 4, 2017, (ii) an exercise price of
$5.60 per share, the closing price of the Companys common stock
on January 4, 2017 and (iii) a term of 10 years from the grant
date. Twenty-five percent of the shares subject to the option
granted to each Executive will vest on the one-year anniversary
of the vesting commencement date, and the remainder will vest in
equal monthly installments over the subsequent three-year period,
subject to the Executives continued service with the Company.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
|
Exhibit Number
|
Description
|
|
|
10.1
|
Form of Restricted Stock Unit Agreement under the 2014
Omnibus Incentive Plan. |
About IMMUNE DESIGN CORP. (NASDAQ:IMDZ)
Immune Design Corp. is a clinical stage immunotherapy company. The Company focuses on cancer with in vivo approaches designed to enable the body’s immune system to fight disease. The Company is developing multiple product candidates from its discovery platforms, including ZVex and GLAAS. ZVex is a discovery platform that uses a vector to generate product candidates designed to create cytotoxic T cells (CTLs) in vivo. The ZVex vector is a delivery system based on a hybrid, re-engineered virus designed to carry the genetic information of selected tumor antigen in whole or selected epitopes selectively to dendritic cells (DCs) in the skin. When injected into a cancer patient, a ZVex-based product candidate is designed to interact only with these DCs, delivering the tumor antigen in the form of ribonucleic acid (RNA). GLA Adjuvant Systems (GLAAS) is a discovery platform that works in vivo and is based on a synthetic molecule called glucopyranosyl lipid A (GLA). IMMUNE DESIGN CORP. (NASDAQ:IMDZ) Recent Trading Information
IMMUNE DESIGN CORP. (NASDAQ:IMDZ) closed its last trading session up +0.40 at 5.65 with 164,815 shares trading hands.
