pSivida Corp. (NASDAQ:PSDV) 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 January4, 2017, the Compensation Committee of the Board of
Directors (the Committee) of pSivida Corp. (the Company) granted
Leonard Ross, the Companys Vice President of Finance, a one-time
retention bonus in the amount of $131,446.00 (the One-Time
Retention Bonus), which is equal to 50% of Mr.Ross annual base
salary. to a retention bonus letter delivered to Mr.Ross, so long
as Mr.Ross is employed by the Company as of December22, 2017 (the
End Date), Mr.Ross will receive (a)one-half of the amount of the
One-Time Retention Bonus in a cash lump sum (less applicable
withholding and payroll taxes) in the last payroll cycle in
December 2017, and (b)one-half of the amount of the One-Time
Retention Bonus in the form of restricted stock units (RSUs),
which will be granted to Mr.Ross on (or within 30 days after) the
End Date. The number of RSUs that will be granted to Mr.Ross will
be based upon the fair market value of the Companys common stock
on the End Date, as determined by the Committee. The RSUs will
vest over a one-year period following the grant date and will be
subject to the terms and conditions set forth in the Companys
2016 Incentive Plan and the award agreement.
The foregoing description of the retention bonus letter is not
complete and is qualified in its entirety by reference to the
retention bonus letter, which is filed as Exhibit 10.1 hereto and
incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
Retention Bonus Letter, dated January5, 2017, by and between
pSivida Corp. and Leonard Ross.
About pSivida Corp. (NASDAQ:PSDV)
pSivida Corp. develops drug delivery products primarily for the treatment of chronic eye diseases. The Company operates through the biotechnology sector segment. The Company has developed three products for treatment of back-of-the-eye diseases, which include Medidur for posterior segment uveitis, its lead product candidate that is in pivotal Phase III clinical trials; ILUVIEN for diabetic macular edema (DME), its lead licensed product that is sold in the United States and European Union (EU) countries, and Retisert. Medidur is designed to treat chronic non-infectious uveitis affecting the posterior segment of the eye (posterior segment uveitis). ILUVIEN is an injectable micro-insert that provides treatment of DME from a single injection. Retisert is an implant that provides treatment of posterior segment uveitis. Its product development program is focused on utilizing its two technology platforms, Durasert and Tethadur, to deliver drugs and biologics to treat chronic diseases. pSivida Corp. (NASDAQ:PSDV) Recent Trading Information
pSivida Corp. (NASDAQ:PSDV) closed its last trading session up +0.20 at 2.09 with 296,567 shares trading hands.