INTEC PHARMA LTD. (NASDAQ:NTEC) 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
On January 22, 2019, the Board of Directors of Intec Pharma Ltd. (the “Company”), upon recommendation of its Compensation Committee, approved (i) the payment of a 2018 cash performance bonus of $130,613, the grant of 90,000 options to purchase ordinary shares of the Company to the Company’s 2015 Equity Incentive Plan, an annual 2019 base salary of $340,000, and an annual discretionary bonus target for 2019 of 50% of annual base salary to Walt A. Linscott, the Company’s Chief Business Officer; and (ii) the payment of a 2018 cash performance bonus of $110,008, the grant 110,000 options to purchase ordinary shares of the Company to the Company’s 2015 Equity Incentive Plan, an annual 2019 base salary of $336,000, and an annual discretionary bonus target for 2019 of 40% of annual base salary to Dr. R. Michael Gendreau, the Company’s Chief Medical Officer. The foregoing options have an exercise price of $7.268 per share, a seven-year term and, subject to the executive’s continued employment with the Company on the applicable vesting date, vest with respect to one-third of the ordinary shares on the first anniversary of the date of grant and with respect to the balance of the ordinary shares shall vest over two years in eight equal quarterly installments following the first anniversary of the date of grant.
About INTEC PHARMA LTD. (NASDAQ:NTEC)
Intec Pharma Ltd is an Israel-based drug development company. It is a development stage biopharmaceutical company that develops formulations of drugs using its proprietary gastric retention technology, the Accordion Pill. The Accordion Pill, a novel gastro-retentive delivery system, improves the pharmacokinetics and pharmacodynamics of various drugs. The Company is focusing on the clinical development program for the Phase III clinical study of the Accordion Pill Carbidopa Levodopa (AP-CDLD), for the treatment of advanced stages Parkinson’s disease patients. Its pipeline also comprises The Accordion Pill-Zaleplon, a drug for sleep onset, which is in Phase II clinical program. Furthermore under research is Accordion Pill-Undisclosed Drug for the prevention and treatment of small bowel non-steroidal anti-inflammatory drug (NSAID) induced ulcers.