KINDRED BIOSCIENCES, INC. (NASDAQ:KIN) 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 January 22, 2018, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Kindred Biosciences, Inc. (the “Company”), to the authority delegated to it by the Board, approved compensation arrangements for the Company’s executive officers (collectively, the “Executive Officers”).
Identified below are the 2017 cash bonus, 2018 annual base salary and equity awards with respect to each of the Company’s “named executive officers” (as used in Instruction 4 to Item 5.02 of Form 8-K).
|
Equity Awards (1) |
||||
|
Named Executive Officer |
Cash Bonus |
Salary |
Options(2) |
Restricted Stock Units (3) |
|
Richard Chin, President, Chief Executive Officer |
$315,662 |
$520,000 |
175,000 |
150,000 |
|
Denise Bevers Chief Operating Officer |
$222,000 |
$410,000 |
100,000 |
110,000 |
|
Wendy Wee, Chief Financial Officer |
$134,100 |
$330,000 |
75,000 |
30,000 |
|
Hangjun Zhan, Chief Scientific Officer |
$134,100 |
$330,000 |
80,000 |
25,000 |
(1) The Compensation Committee granted the equity awards to, and in accordance with the terms and conditions of, the Company’s 2016 Equity Incentive Plan (the “Plan”), the forms of Option Agreement and Grant Notice previously filed with the Securities and Exchange Commission and forms of RSU Agreement and Grant Notice in which the full text of such agreement will be filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
(2) The grant date of the Equity Awards was January 22, 2018. Each option has an exercise price of $8.75, equal to the closing price of the Company’s common stock as quoted on The NASDAQ Capital Markets on the grant date, which represents the fair market value of the Company’s common stock as determined under the terms of the Plan. Each Option will have a term of 10 years from the date of grant. The shares underlying this Option will vest as to 25% after one year following the date of grant, and the remainder will vest in equal monthly installments over the following three years, provided that such Executive Officer is providing services to the Company at the time of each such vesting
(3) The shares subject to this RSU will vest in equal annual installments over four years from the grant date, provided that such Executive Officer is providing services to the Company at the time of each such vesting.
About KINDRED BIOSCIENCES, INC. (NASDAQ:KIN)
Kindred Biosciences, Inc. is a development-stage biopharmaceutical company. The Company is focused on developing therapies for pets. The Company’s product pipeline consists of small molecules and biologics for a range of indications in dogs, cats and horses. The Company is developing product candidates for over 20 indications and focused on small molecule products and canine and feline biologics products. The Company is developing antibodies that targets canine Interleukin 17A (IL-17a), Interleukin 4A (IL-4Ra), Interleukin 3 (IL-3), CD-20, Immunoglobulin E (IgE), tumor necrosis factors (TNF) and other validated targets. The Company’s lead product candidates are Zimeta, which is indicated for the treatment of fever in horses, and KIND-010 for management of weight loss in cats. The Company’s other product candidates include KIND-010, KIND-014, KIND-015, KIND-510, KIND-502, KIND-0888, KIND-509, and several antibodies that target cytokines involved in atopic dermatitis.