Momenta Pharmaceuticals,Inc. (NASDAQ:MNTA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 below, no information reported in the Original Form8-K, including with respect to Item 2.05 therein, has changed. In addition, we are disclosing in this Amendment the grant by the Company of certain equity awards under Item 8.01 below.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October17, 2018, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Momenta Pharmaceuticals,Inc. (the “Company”) approved an increase in base salary to $350,000 and an increase in target bonus percentage to 40% of base salary for Michelle Robertson, who was appointed as Chief Financial Officer on September26, 2018, effective October5, 2018.
On October17, 2018, the Compensation Committee approved a separation and mutual release agreement with Scott Storer under which Mr.Storer and the Company will, with limited exceptions, release claims they have against the other and Mr.Storer will receive (i)the severance payments and benefits described in his employment agreement with the Company, subject to and in accordance with the previously disclosed terms of the employment agreement, and (ii)an additional payment of approximately $237,000, to be paid in equal ratable installments over the 12 month period following the 60th day after Mr.Storer’s date of termination; provided that, if Mr.Storer enters into a written agreement for full time employment with a new employer on or before February22, 2019, then any remaining unpaid amount of the additional payment will be forfeited and will not be paid to Mr.Storer or if Mr.Storer does not enter into a written agreement for full time employment with a new employer on or before February22, 2019, then any remaining unpaid amount of the additional payment will be paid to Mr.Storer in a lump sum on the Company’s first regular payroll date that occurs after February22, 2019. The Company has decided not to approve or enter into a consulting agreement, as previously disclosed, with Mr.Storer.
Item 8.01. Other Events
On October17, 2018, the Compensation Committee determined that as a result of the recently announced strategy of the Company to focus on the discovery and development of novel therapeutics for the treatment of rare immune-mediated diseases it was desirable to grant equity awards to executives and non-executive employees in order to retain and incentivize them to implement such strategy. The Compensation Committee approved the awards, comprised of performance-based restricted stock units and time-based restricted stock units, to a number of executives and non-executive employees.
