Pfenex Inc. (NYSEMKT:PFNX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On February8, 2017, the Compensation Committee of our Board of
Directors approved (i)the annual base salaries for fiscal 2017
for our current named executive officers, (ii)target bonus
opportunities for fiscal 2017 (as a percentage of base salary)
for our current named executive officers, (iii)a cash bonus
payment to Mr.PatrickK. Lucy of up to $100,000 in connection with
his service as Interim Chief Executive Officer, President, and
Secretary, (iv)the payment of various cash bonuses for the fiscal
year ended December31, 2016 to our 2016 Incentive Compensation
Plan (2016 Bonus Plan), and (iv)the grant of stock options to our
2014 Equity Incentive Plan, each as more fully described below:
|
Name |
Position |
AnnualBase Salary (Fiscal 2016) |
AnnualBase Salary (Fiscal2017)(1) |
2017 Target Bonus Opportunity (asa%ofBase Salary) |
InterimCEO, President Secretary Bonus(2) | BonusPlan |
Shares Subject toStock Options(3) |
|||||||||||||||||||
|
Patrick K. Lucy |
Interim Chief Executive Officer, President, and Secretary | $ | 334,750 | $ | 349,000 | % | $ | 100,000 | $ | 117,163 | 85,000 | (4) | ||||||||||||||
|
Dr.PaulA. Wagner |
Chief Financial Officer | $ | 330,000 | $ | 344,000 | % | $ | 115,500 | 85,000 |
| (1) | Base salary increases are effective as of February1, 2017. |
| (2) |
The Compensation Committee approved a cash bonus payment to Mr.Lucy of up to $100,000 in connection with his service as Interim Chief Executive Officer, President, and Secretary. The final cash bonus will be determined by the Compensation Committee upon the engagement of a non-Interim President and Chief Executive Officer, provided Mr.Lucy continues with the Company through such date. |
| (3) |
The options have a grant date of the first trading day of March 2017. 25% of the shares subject to the options will vest on March1, 2018, and the remaining shares subject to the options will vest in equal monthly installments thereafter such that all shares shall be fully vested on March1, 2021, subject to continued status as a service provider on each such vesting date. |
| (4) |
In addition to the option grant indicated in the table, the Compensation Committee also awarded Mr.Lucy an additional stock option grant (grant date value of $50,000, based on a Black-Scholes calculation)with the option having a grant date of the first trading day in March 2017. This additional option will vest monthly over the next two years assuming Mr.Lucys continued status as a service provider on each vesting date. |
The option awards described above are subject to the terms and
conditions of our 2014 Equity Incentive Plan and the applicable
forms of agreement, which have been previously filed with the
Securities and Exchange Commission.
About Pfenex Inc. (NYSEMKT:PFNX)
Pfenex Inc. is a clinical-stage biotechnology company. The Company is engaged in the development of biosimilar and therapeutic equivalent products to branded therapeutics and other high-value and difficult-to-manufacture proteins. Its lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab). Its next advanced product candidates are PF530 and PF708. PF530 is a biosimilar candidate to Betaseron (interferon beta-1b). PF708 is being developed as a therapeutically equivalent peptide to Forteo (teriparatide), which is for the treatment of osteoporosis. In addition to its three advanced product candidates, its pipeline includes over four other biosimilar candidates, as well as vaccines and next generation biologic candidates. Its product candidates are enabled by its protein production platform, Pfenex Expression Technology. It is also developing Px563L, an anthrax vaccine candidate, and Px533 as a prophylactic vaccine candidate against malaria infection. Pfenex Inc. (NYSEMKT:PFNX) Recent Trading Information
Pfenex Inc. (NYSEMKT:PFNX) closed its last trading session up +0.21 at 7.83 with 113,636 shares trading hands.
