SUNESIS PHARMACEUTICALS, INC. (NASDAQ:SNSS) 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.
In connection with his appointment as Chief Financial Officer, Senior Vice President, Finance and Corporate Development, Mr.Quinn and the Company entered into an offer letter, effective as of November30, 2017.
to the terms of his offer letter, Mr.Quinn’s employment is at will and may be terminated at any time by the Company or Mr.Quinn. Under the terms of the offer letter, Mr.Quinn is entitled to receive an annual base salary of $380,000, a one-time sign-on bonus equal to $15,000 and an annual target bonus of 35% of his annual base salary beginning in 2018, subject to approval of the Board. In accordance with the offer letter, Mr.Quinn was also granted an option to purchase 232,500 shares of our common stock on November30, 2017. 25% of the shares subject to the option will vest on November30, 2018, the first anniversary of the Effective Date, and the remaining shares vest in 36 equal monthly installments thereafter, until either the option is fully vested or Mr.Quinn’s employment ends, whichever occurs first. The option will be governed in all respects by the terms of a stock option agreement, grant notice, and applicable plan documents in forms previously approved by the Board. to his offer letter, Mr.Quinn also entered into a Confidential Information and Invention Assignment Agreement and an Indemnification Agreement, in substantially the form of the Form of Indemnification Agreement filed as Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the period ended December31, 2016, with the Company.
The foregoing description of Mr.Quinn’s offer letter is not complete and is qualified in its entirety by reference to the offer letter, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the period ended December31, 2017.
About SUNESIS PHARMACEUTICALS, INC. (NASDAQ:SNSS)
Sunesis Pharmaceuticals, Inc. is a biopharmaceutical company. The Company focuses on the development and commercialization of its pipeline of oncology therapeutics for the treatment of solid and hematologic cancers. The Company offers QINPREZO (vosaroxin), which is a product candidate for the treatment of acute myeloid leukemia (AML). Vosaroxin is an anticancer quinolone derivative (AQD). The Company’s other kinase inhibitor pipeline include TAK-580, SNS-062 and SNS-229. TAK-580 is an oral, investigative drug selective for pan-Raf kinase inhibition, in patients with relapsed or refractory solid tumors. SNS-062 is a non-covalently binding inhibitor of Bruton’s tyrosine kinase (BTK). The Company has completed the pre-clinical studies for SNS-062. SNS-229 and SNS-510 are two PDK1 inhibitors. PDK1 is a kinase and mediator of Phosphoinositide 3-kinase/AKT (PI3K/AKT) signaling, which is a pathway involved in cell growth, differentiation, survival and migration.