NanoString Technologies, Inc. (NASDAQ:NSTG) 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; Compensatory Arrangements of Certain Officers.
On March5, 2019, the compensation committee of the board of directors of NanoString Technologies, Inc. (the “Company”) approved 2018 non-equity incentive plan compensation and 2019 base salaries for each of the Company’s named executive officers. For additional information, please see the section captioned “Executive Compensation” of the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission (the “Commission”) on April 26, 2018.
|
Named Executive Officer |
Title |
2018 Non-Equity Plan Compensation |
2019 Base Salary |
||
|
R. Bradley Gray |
President and Chief Executive Officer |
$ |
624,325 |
$ |
600,000 |
|
K. Thomas Bailey |
Chief Financial Officer |
270,000 |
415,000 |
||
|
Joseph M. Beechem |
SeniorVice President, Research and Development |
231,000 |
395,000 |
||
|
J. Chad Brown |
Senior Vice President, Sales and Marketing |
255,500 |
395,000 |
Messrs.Gray, Bailey, Beechem and Brown are eligible to receive bonuses under the Company’s 2019 non-equity incentive plan targeted at 85%, 50%, 50% and 50%, respectively, of their base salary. Mr.Gray’s bonus is based solely on corporate goals. The bonus for Messrs. Bailey and Beechem is based 75% on corporate goals and 25% on individual goals. The bonus for Mr. Brown is based 50% on corporate goals and 50% on individual goals. The 2019 corporate goals include achieving product and service revenue and growth targets; launching the GeoMx DSP product platform on a commercial basis; advancing development of new products, such as the LymphMark™ assay and Hyb & Seq™ technology; and achievement of cash position goals and other financial targets.
About NanoString Technologies, Inc. (NASDAQ:NSTG)
NanoString Technologies, Inc. develops and manufactures intuitive products that unlock scientifically valuable and clinically actionable biologic information from minute amounts of tissue. The Company operates in the segment of development, manufacture and commercialization of instruments, consumables and services for profiling the activity of hundreds of genes and proteins simultaneously from a single tissue sample. Its nCounter Analysis System is an automated, multi-application, digital detection and counting system, which directly profiles hundreds of molecules simultaneously using a barcoding technology. It markets systems and related consumables to researchers in academic, government and biopharmaceutical laboratories for use in understanding fundamental biology, and to clinical laboratories and medical centers for diagnostic use. Its molecular diagnostic product Prosigna Breast Cancer Assay provides an assessment of a patient’s risk of recurrence for breast cancer.
