VERSARTIS, INC. (NASDAQ:VSAR) 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
Also on October4, 2017, the Board approved a new severance benefit plan for certain of the Company’s employees, including Messrs. Shepard and Brumm (the “Severance Benefit Plan”). to the Severance Benefit Plan, if Mr.Shepard is involuntarily terminated without Cause (as defined in the Severance Benefit Plan) prior to October5, 2018, then, upon execution of a general waiver and release, he will be entitled to a lump sum in the amount of 18 months of his then-effective base salary plus a lump sum equal to 140% of his monthly insurance premium in effect in September 2017 multiplied by 18 months. Similarly, if Mr.Brumm is involuntarily terminated without Cause prior to October5, 2018, then, upon execution of a general waiver and release, he will be entitled to a lump sum in the amount of 12 months of his then-effective base salary plus a lump sum cash payment equal to 140% of his monthly insurance premium in effect in September 2017 multiplied by 12 months. The Severance Benefit Plan supersedes any and all previously announced or maintained severance plans, except for the Company’s Change in Control Severance Benefit Plan, which remains in full force and effect.
The foregoing summary of the Severance Benefit Plan does not purport to be complete and is qualified in its entirety by reference to full text of the Severance Benefit Plan, a copy of which will be filed with the Company’s Annual Report on Form 10-K for the year ending December31, 2017.
About VERSARTIS, INC. (NASDAQ:VSAR)
Versartis, Inc. is an endocrine-focused biopharmaceutical company. The Company is engaged in developing long-acting recombinant human growth hormone (rhGH), somavaratan (VRS-317), for growth hormone deficiency (GHD), an orphan disease. The Company’s product pipeline includes VRS-317 and XTEN Technology. The Company’s VRS-317 combines the rhGH amino acid sequence utilized in approved rhGH products with a half-life extension technology, XTEN, to enable less frequent administration. The XTEN technology consists of hydrophilic amino acids added at the genetic level as part of the manufacturing process. The Company’s XTEN is a recombinant polypeptide designed to extend the in vivo half-life of peptides and proteins in a tunable manner. The XTEN sequence consists of hydrophilic amino acids and possesses various additional properties, which are used for the development of protein pharmaceuticals.