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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 2, 2021, the Compensation Committee of the Board of Directors (the “Committee”) of Corbus Pharmaceuticals Holdings, Inc. (the “Company”) approved equity compensation awards for the Company’s executive officers, Yuval Cohen, Ph.D., Chief Executive Officer; Barbara White, M.D., Chief Medical Officer, Craig Millian, Chief Commercial Officer and Sean Moran, Chief Financial Officer.
The Committee approved a special award of options to purchase shares of the Company’s common stock, par value $0.0001 per share, (the “Retention Options”) in the following amounts: Dr. Cohen was awarded 956,500 Retention Options, and Dr. White, Mr. Millian and Mr. Moran were each awarded 307,300 Retention Options. In addition to the Retention Options, the Committee also approved, in the ordinary course, an annual award of stock options (the “2021 Annual Compensation Options”, together, with the Retention Options, the “Options”) to each of Dr. Cohen, Dr. White, Mr. Milian and Mr. Moran in accordance with the terms of the employment agreements between each of the executives and the Company in the following amounts: Dr. Cohen was awarded 956,500 2021 Annual Compensation Options, and Dr. White, Mr. Millian and Mr. Moran were each awarded 307,300 2021 Annual Compensation Options. The Options were granted in accordance with the terms of the Company’s 2014 Equity Compensation Plan (the “Plan”). The Options have an exercise price of $2.58 and will vest 25% on the one year anniversary of the grant date and the remainder in equal monthly installments over three years, with full acceleration of vesting upon a change in control (as defined in the Plan). In considering and approving the awards of Options, the Committee considered general industry and industry peer group compensation information and recommendations provided by the Committee’s independent compensation consultant.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CORBUS PHARMACEUTICALS HOLDINGS, INC. | ||
| Dated: February 4, 2021 | By: | /s/ Yuval Cohen |
| Name: | Yuval Cohen | |
| Title: | Chief Executive Officer | |
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