XML 29 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

 

Issuance of Stock Options

 

On June 30, 2020, the Compensation Committee of the Company approved the grant of stock options under the 2020 Inducement Plan to new hires of the Company. On July 1, 2020, these employees were granted options to purchase an aggregate of 25,700 shares of the Company's Common Stock with an exercise price of $28.20 per share. These options expire ten years from the date of grant and vests 25% on June 29, 2021 and the remainder of the underlying shares shall vest in thirty-six equal monthly installments thereafter.

 

Issuance of RSUs

 

On July 1, 2020, the Compensation Committee of the Company granted 7,500 RSUs to a new hire of the Company under the 2014 Equity Incentive Plan. These RSUs will vest 25% on the one, two, three and four year anniversary of the date of grant.

 

Settlement of RSUs

 

On July 9, 2020, the Company issued 5,245 shares of common stock from the settlement of RSUs.

 

Departure of Executive

 

On July 23, 2020, effective July 31, 2020, the Company and Dr. Casoy entered into a Separation Agreement and Release (the "Separation Agreement"), whereupon Dr. Casoy will no longer be employed by the Company as Chief Medical Officer, effective August 3, 2020. Pursuant to the Separation Agreement, in consideration of a general release of all claims against the Company and certain representations, warranties, covenants and agreements, Dr. Casoy is entitled to receive (i) his base salary for a period of nine months paid in a lump sum, (ii) a one-time lump sum payment equal to nine months of his bonus at target, (iii) reimbursement of all business expenses for which he is entitled, (iv) reimbursement of COBRA premium costs for nine months, or until he has secured other employment, whichever comes first and (v) pro-rata vesting of his outstanding equity award given that he was not employed through the one-year anniversary of the applicable grant date of such outstanding equity award.

 

Resignation of Director

 

On July 20, 2020, Scott Braunstein, M.D. notified the Company of his resignation from the Company's Board of Directors, effective immediately. In connection with Dr. Braunstein's resignation, the compensation committee approved the accelerated vesting of all stock options issued to Dr. Braunstein prior to the Merger, and to extend the post-termination exercise period of vested options to 12 months from the date of resignation.

 

Appointment of Director

 

On July 23, 2020, the Company's Board of Directors appointed Barry Flannelly, Pharm.D, MBA as a director to fill the vacancy created by Dr. Braunstein's resignation, to serve in such capacity until the Company's 2023 annual meeting of stockholders.

   

On July 23, 2020, the Company issued to Dr. Flannelly a stock option to purchase 18,000 shares of the Company's common stock. This stock option has an exercise price of $26.70 per share, expires 10 years from the date of grant, and will vest in equal monthly installments following the date of grant over a three year period.

 

On July 23, 2020, the Company issued to Dr. Flannelly a stock option to purchase 8,250 shares of the Company's common stock. This stock option has an exercise price of $26.70 per share, expires 10 years from the date of grant, and will vest in equal monthly installments following the date of grant over a one year period, and in any event will be fully vested on the date of the Company's 2021 annual meeting of stockholders.