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 OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Director
On April 11, 2018, Richard J. Lim, a Class III director, voluntarily resigned from the Board of Directors (the “Board”) of Paratek Pharmaceuticals, Inc. (the “Company”), effective as of April 11, 2018. Mr. Lim’s resignation is not due to a disagreement with the Company, the Board or management on any matter relating to the Company’s operations, policies or practices.
Appointment of Director
On April 11, 2018, to fill the vacancy created by Mr. Lim’s resignation, the Board appointed Rolf K. Hoffmann to the Board, effective as of April 11, 2018. Mr. Hoffmann will be a Class III director and will hold office until the 2018 annual meeting of stockholders and until his successor is elected and qualified. The Board has not appointed Mr. Hoffmann to any Board committee at this time.
Mr. Hoffmann will receive compensation from the Company for his service as a director in accordance with the Company’s non-employee director compensation policy, including an annual director fee of $45,000. Additionally, to the Company’s non-employee director compensation policy and 2015 Equity Incentive Plan, Mr. Hoffmann will receive an initial grant on April 30, 2018 of (i) stock options to purchase 10,000 shares of the Company’s common stock and (ii) restricted stock units representing 15,000 shares of the Company’s common stock. Furthermore, it is expected that he will receive equity compensation in subsequent years to the non-employee director compensation policy, subject to his continued service as a director of the Board.
In accordance with the Company’s customary practice, the Company has entered into an indemnification agreement with Mr. Hoffmann, which requires the Company to indemnify Mr. Hoffmann against certain liabilities that may arise in connection with his status or service as a director. The indemnification agreement also provides for an advancement of expenses incurred by Mr. Hoffmann in connection with any proceeding relating to his status as a director. The foregoing description is qualified in its entirety by the full text of the form of indemnification agreement, which was filed with the Securities and Exchange Commission as Exhibit 10.8 to the Company’s Annual Report on Form 10-K filed on March 9, 2016 and which is incorporated herein by reference.
There is no arrangement or understanding between Mr. Hoffmann and any other person to which Mr. Hoffmann was selected as a director. Prior to his appointment as director, the Company entered into a Consulting Agreement, dated June 1, 2017, with Mr. Hoffmann (the “Consulting Agreement”) for a term of one year, to which the Company agreed to pay Mr. Hoffmann $40,000 and reimburse pre-approved expenses in connection with the provision of consulting and advisory services by Mr. Hoffmann. Additionally, to the Consulting Agreement and the Company’s 2015 Equity Incentive Plan, the Company granted Mr. Hoffmann (i) stock options to purchase 12,000 shares of the Company’s common stock and (ii) restricted stock units representing 3,500 shares of the Company’s common stock.
A press release announcing Mr. Hoffmann’s appointment to the Board is furnished as Exhibit 99.1 hereto.
Financial Statements and Exhibits.
Paratek Pharmaceuticals, Inc. ExhibitEX-99.1 2 prtk-ex991_6.htm EX-99.1 prtk-ex991_6.htm Exhibit 99.1 Paratek Appoints Rolf K. Hoffman to Company’s Board of Directors — Led U.S. and International Commercial Operations at Amgen Inc.– BOSTON,…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.