UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers. |
On February 3, 2021, the Board of Directors (the “Board”) of Syndax Pharmaceuticals, Inc. (the “Company”) approved the recommendations of the Compensation Committee of the Board (the “Committee”) of 2020 cash bonuses, 2021 annual base salaries, 2021 bonus targets and equity awards for the Company’s named executive officers (each, an “Executive”), as set forth below.
2020 Cash Bonuses, 2021 Annual Base Salaries and 2021 Bonus Targets
The Board approved the Committee’s recommendations of the following 2020 cash bonuses, 2021 annual base salaries, which salaries are effective January 1, 2021, and 2021 bonus targets for the Executives:
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Name and Title |
2020 Cash Bonus |
2021 Annual Base Salary |
2021 Bonus Target |
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Briggs W. Morrison, M.D. Chief Executive Officer and Director |
$285,260 |
$618,563 |
50% |
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Michael A. Metzger President and Chief Operating Officer and Director |
$273,980 |
$594,104 |
50% |
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Michael L. Meyers, M.D., Ph.D Senior Vice President, Chief Medical Officer |
$172,655 |
$450,250 |
40% |
Equity Awards
The Board also approved the Committee’s recommendations and granted the following options to purchase shares of the Company’s common stock to the Executives pursuant to the Company’s 2015 Omnibus Incentive Plan:
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Name and Title |
Option Grant (shares) |
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Briggs W. Morrison, M.D. Chief Executive Officer and Director |
195,000 |
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Michael A. Metzger President and Chief Operating Officer and Director |
160,000 |
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Michael L. Meyers, M.D., Ph.D Senior Vice President, Chief Medical Officer |
80,000 |
The stock option granted to each Executive has (i) a vesting commencement date of February 3, 2021, (ii) an exercise price of $21.36 per share, the closing price of the Company’s common stock on February 3, 2021 and (iii) a term of 10 years from the grant date. One forty-eighth (1/48th) of the shares of common stock subject to each such option shall vest monthly from the vesting commencement date, during the Executive’s continued service as an employee, consultant, director or officer of the Company over the forty-eight (48) months following the date of grant, until all of the shares subject to such option are fully vested.
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.
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SYNDAX PHARMACEUTICALS, INC. |
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By: |
/s/ Briggs W. Morrison, M.D. |
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Briggs W. Morrison, M.D. |
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Chief Executive Officer |
Dated: February 5, 2021