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 OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January18, 2018, the Compensation Committee of our Board of Directors approved (i)the annual base salaries for fiscal 2018 for our current principal executive and financial officer and named executive officer, (ii)target bonus opportunities for fiscal 2018 (as a percentage of base salary) for our current principal executive and financial officer and named executive officer, (iii)the payment of various cash bonuses for the fiscal year ended December31, 2017 to our 2017 Incentive Compensation Plan (“2017 Bonus Plan”), and (iv)the grant of stock options to our 2014 Equity Incentive Plan (“2014 Plan”), each as more fully described below:
|
Name |
Position |
AnnualBaseSalary
(Fiscal 2017) |
AnnualBaseSalary
(Fiscal2018)(1) |
2018 TargetBonus
Opportunity (as a % of Base Salary) |
2017BonusPlan | Shares Subject to Stock
Options(3) |
||||
| Evert B. Schimmelpennink | ChiefExecutive Officer, President and Secretary | $ | 530,000 | $ | 551,200 | 50% | $ | 94,282 | (2) | 195,062 |
| Dr.HubertC. Chen | Chief Medical & Scientific Officer | $ | 381,000 | $ | 392,430 | 50% | $ | 118,415 | 78,407 |
| (1) | Base salary increases are effective as of February18, 2018. |
| (2) | In lieu of providing a cash bonus to Mr.Schimmelpennink under the 2017 Bonus Plan, the Compensation Committee approved a grant to Mr.Schimmelpennink effective on the first trading day of February 2018 of an award of restricted stock units to acquire the number of shares of Company common stock equal to $94,281.92 divided by the Fair Market Value (as defined in the 2014 Plan) of a share of common stock on the first trading day of February 2018. The restricted stock units will be 50% vested on the grant date. |
| (3) | The options have a grant date of the first trading day of February 2018. 25% of the shares subject to the options are scheduled to vest on February1, 2019, and the remaining shares subject to the options are scheduled to vest in equal monthly installments thereafter such that all shares shall be fully vested on February1, 2022, subject to continued status as a service provider on each such vesting date. |
The option and restricted stock unit awards described above are subject to the terms and conditions of our 2014 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.