IMMUNOMEDICS,INC. (NASDAQ:IMMU) 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.
On July3, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of Immunomedics,Inc., a Delaware corporation (the “Company”), approved the following compensation changes for Michael R. Garone, the Company’s Vice President, Finance and Chief Financial Officer: (i)an increase of Mr.Garone’s base salary from $300,000 to $350,000, and (ii)an increase in Mr.Garone’s target bonus percentage from 30% to 40%.
In addition, on July3, 2017 the Committee approved a special equity award of 8,315 restricted stock units (“RSUs”), representing a grant date fair value of $75,000, to Mr.Garone. Each RSU represents the right to receive one share of common stock of the Company. The RSUs will vest as to one-third of the underlying shares on each of the first, second and third anniversaries of the date of grant. In the event of Mr.Garone’s death, disability, termination without cause or a Change in Control (as defined in the Company’s 2014 Long-Term Incentive Plan), the RSUs will vest immediately.