VALERITAS HOLDINGS, INC. (OTCBB:CYGM) 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 February6, 2017, Valeritas Holdings, Inc. (the Company) filed
a Registration Statement on Form S-1 (File No.333-215897) with
the Securities and Exchange Commission (the Registration
Statement). to Instruction 1 to Item402(c)(2)(iv) of Regulation
S-K, the Company omitted from the Summary Compensation Table
included in the Registration Statement bonuses with respect to
performance during the Companys fiscal year ended December31,
2016 (the 2016 Bonuses) because the 2016 Bonuses had not yet been
determined at the time the Registration Statement was filed.
On February7, 2017, the Board of Directors of the Company (the
Board) confirmed the recommendation it received from the
Compensation Committee of the Board that the 2016 Bonuses for the
Companys named executive officers be approved. In accordance with
Item5.02(f) of Form 8-K, the Company is providing a revised
Summary Compensation Table, which includes the 2016 Bonuses and
revised total compensation figures for the Companys fiscal year
ended December31, 2016.
|
Name and Principal Position |
Year | Salary ($) |
Option Awards(4) ($) |
Stock Awards(4) ($) |
Non-Equity Incentive Plan Compensation(5) ($) | All Other Compensation(6) ($) | Total ($) | |||||||||||||||||||||
|
John E. Timberlake(3) |
389,268 | 1,049,823 | 441,500 | 194,634 | (8) | 5,200 | 2,080,425 | |||||||||||||||||||||
|
Chief Executive Officer |
385,740 | 65,357 | 5,200 | 456,297 | ||||||||||||||||||||||||
|
Erick Lucera(7) |
85,000 | 368,430 | 29,750 | (8) | 1,200 | 484,380 | ||||||||||||||||||||||
|
Chief Financial Officer |
||||||||||||||||||||||||||||
|
Geoffrey Jenkins |
||||||||||||||||||||||||||||
|
Executive Vice President, Manufacturing |
367,937 | 546,061 | 250,000 | 128,778 | (8) | 19,046 | 1,311,822 | |||||||||||||||||||||
|
Operations and RD |
370,620 | 62,795 | 5,200 | 438,615 | ||||||||||||||||||||||||
|
Matthew Nguyen Chief Commercial Officer |
2016
|
281,976
262,697 |
315,373
|
130,000
|
102,639
38,151 |
(8) |
48,200
5,200 |
878,188
306,048 |
||||||||||||||||||||
|
Former Executive Officers |
||||||||||||||||||||||||||||
|
Leisa Swanson(1) |
||||||||||||||||||||||||||||
| 60,000 | 60,000 | |||||||||||||||||||||||||||
|
Kristine Peterson(2) |
491,090 | 1,387 | 492,477 | |||||||||||||||||||||||||
| 465,447 | 144,670 | 5,200 | 615,407 |
| (1) |
Resigned as our sole executive officer effective as of May3, 2016 in connection with the 2016 Merger.All salary payments earned prior to the consummation of the 2016 Merger have been waived by Ms.Swanson and we have no liability for such payments subsequent to the 2016 Merger. |
| (2) |
Resigned as Chief Executive Officer on February22, 2016. To be paid through August 2017. |
| (3) |
Appointed as Chief Executive Officer on February22, 2016.Mr. Timberlake retained his title as President and Chief Commercial Officer until December 2016 when he was replaced by Mr.Nguyen as Chief Commercial Officer. |
| (4) |
Represents the aggregate grant-date fair value of stock options and restricted stock granted during the indicated year computed in accordance with ASC Topic 718, excluding the effect of estimated forfeitures. |
| (5) |
Represents amounts earned for the indicated year under our annual performance bonus program. For additional information, see Annual Performance Bonuses below. |
| (6) |
Represents company matching contributions to 401(k) plan accounts and discretionary bonus payments. |
| (7) | Appointed as Chief Financial Officer on August29, 2016. |
| (8) |
Payment of bonus amounts earned in calendar year 2016 are contingent upon the completion of an equity financing with gross proceeds of at least $40 million. |
About VALERITAS HOLDINGS, INC. (OTCBB:CYGM)
Valeritas Holdings, Inc., formerly Cleaner Yoga Mat, Inc., is a commercial-stage medical technology company. The Company is focused on developing technologies for Type 2 diabetes. It has developed its commercialized product, the V-Go Disposable Insulin Delivery Device (V-Go) to help patients with Type 2 diabetes who require insulin to maintain their target blood glucose goals. V-Go is a disposable insulin delivery device that a patient adheres to his or her skin every 24 hours. V-Go enables patients to closely mimic the body’s normal physiologic pattern of insulin delivery throughout the day and to manage their diabetes with insulin without the need to plan a daily routine around multiple daily injections. It has developed V-Go utilizing its h-Patch platform as a patient-focused solution to address insulin therapies. Its h-Patch platform facilitates the subcutaneous delivery of injectable medicines to patients across a range of therapeutic areas.