PARATEK PHARMACEUTICALS, INC. (NASDAQ:PRTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

PARATEK PHARMACEUTICALS, INC. (NASDAQ:PRTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 9.01.

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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Approval of Equity Award Grants

On August 3, 2017, the compensation committee (the “Compensation Committee”) of the board of directors (“Board of Directors”) of Paratek Pharmaceuticals, Inc. (“Paratek” or the “Company”) approved a form ofLeadership Team Restricted Stock Unit Grant Notice and a form of Leadership Team Restricted Stock Unit Award Agreement (collectively, the “PRSU Grant Package”), which will be used to grant performance-based restricted stock unit awards (“PRSUs”) under the Paratek Pharmaceuticals, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) to certain of Paratek’s executive officers. Additionally, on August 3, 2017, the Compensation Committee granted PRSUs under the PRSU Grant Package for each of the named executive officers set forth below:

Name

Title

PRSUs

Michael F. Bigham

Chairman and Chief Executive Officer

60,000

Evan Loh, M.D.

President, Chief Operating Officer and Chief Medical Officer

55,000

Douglas W. Pagán

Chief Financial Officer

27,500

Adam Woodrow

Vice President, Chief Commercial Officer

27,500

William M. Haskel

Senior Vice President, General Counsel and Corporate Secretary

25,000

The foregoing is a description of the material terms of the PRSU Grant Package and is qualified by reference to the full text of the form of PRSU Grant Package filed as Exhibit 10.1 to this Current Report on Form 8-K and the 2015 Plan filed as Exhibit 99.5 to the Registration Statement on Form S-8 (File No. 333-205482) filed with the U.S. Securities and Exchange Commission on July 2, 2015.

Adoption of Amended Employment Agreements

On August 4, 2017, Paratek also entered into amended and restated employment agreements (the “Amended Employment Agreements”) with Michael Bigham, the Company’s Chairman and Chief Executive Officer; Evan Loh, the Company’s President, Chief Operating Officer and Chief Medical Officer; Douglas Pagán, the Company’s Chief Financial Officer; Adam Woodrow, the Company’s Vice President, Chief Commercial Officer; and William Haskel, the Company’s Senior Vice President, General Counsel and Corporate Secretary.The Amended Employment Agreements amend, restate, and supersede the executives’ existing employment agreements, which were each dated June 16, 2017.The Amended Employment Agreements provide each executive with a tax gross-up payment for any excise taxes incurred by the executive under Section 4999 of the Internal Revenue Code, plus any federal, state or local income taxes incurred by the executive with respect to such payment, up to the limit specified in the Amended Employment Agreement in the case of Messrs. Pagán, Woodrow, and Haskel.

The foregoing is a brief description of the material terms of the Amended Employment Agreements and is qualified by reference to the full text of the Amended Employment Agreements, copies of which the Company intends to file with the Securities and Exchange Commission as exhibits to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

Number

Description

10.1

Form of Leadership Team Restricted Stock Unit Grant Notice and Form of Leadership Team Restricted Stock Unit Award Agreement under the Paratek Pharmaceuticals, Inc. 2015 Equity Incentive Plan.


Paratek Pharmaceuticals, Inc. Exhibit
EX-10.1 2 prtk-ex101_19.htm EX-10.1 prtk-ex101_19.htm Exhibit 10.1   Paratek Pharmaceuticals,…
To view the full exhibit click here

About PARATEK PHARMACEUTICALS, INC. (NASDAQ:PRTK)

Paratek Pharmaceuticals, Inc. (Paratek), formerly Transcept Pharmaceuticals, Inc. is a pharmaceutical company focused on the development and commercialization of antibacterial therapeutics based upon tetracycline chemistry. Paratek’s antibacterial product candidates are omadacycline and sarecycline. Omadacycline is a broad-spectrum antibiotic for use as an empiric monotherapy for community-acquired bacterial infections, such as acute bacterial skin and skin structure infections (ABSSSI), community-acquired bacterial pneumonia (CABP) and urinary tract infections (UTI). The Company’s sarecycline is a Phase III antibacterial product candidate and was previously known as WC3035. Sarecycline is designed for use in the treatment of acne and rosacea. The Company’s other product candidates are tetracycline-derived, molecular entities and are designed to utilize the recognized immune-modulation, anti-inflammatory and other beneficial properties of the tetracycline class.

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