UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 26, 2016
CymaBay Therapeutics, Inc.
(Exact name of Registrant as specified in its charter)
| | | | |
| Delaware | | 001-36500 | | 94-3103561 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
7999 Gateway Blvd, Suite 130
Newark, CA 94560
(Address of principal executive offices)
(510) 293-8800
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensation Matters
On January 26, 2016, the Board of Directors of CymaBay Therapeutics, Inc. took the following compensation actions with respect to CymaBay’s chief executive officer and other “named executive officers” as defined in Rule 402 of SEC Regulation S-K (collectively, the “Officers”):
2015 Officer Bonuses
Approved the 2015 cash bonuses for the Officers based on CymaBay’s performance as against targets established by the CymaBay’s Board of Directors for the calendar year 2015:
| | | | | | |
| Executive Officer | | Title | | Bonus | |
Harold Van Wart | | President and Chief Executive Officer | | $ | 51,500 | |
Sujal Shah | | Chief Financial Officer | | $ | 59,325 | |
Pol Boudes | | Chief Medical Officer | | $ | 66,207 | |
2016 Salaries
Approved the 2016 salaries for the Officers, to be effective January 1, 2016, as follows:
| | | | | | |
| Executive Officer | | Title | | 2016 Salary | |
Harold Van Wart | | President and Chief Executive Officer | | $ | 520,150 | |
Sujal Shah | | Chief Financial Officer | | $ | 345,780 | |
Pol Boudes | | Chief Medical Officer | | $ | 385,892 | |
Option Grants
Approved stock option grants under CymaBay’s 2013 Equity Incentive Plan to the following Officers:
| | | | | | |
| Executive Officer | | Title | | Shares subject to Option | |
Harold Van Wart | | President and Chief Executive Officer | | | 157,500 | |
Sujal Shah | | Chief Financial Officer | | | 54,000 | |
Pol Boudes | | Chief Medical Officer | | | 54,000 | |
The options have an exercise price of $1.06 per share and vest over a four-year period, with one-quarter of the shares subject to the option vesting on the first anniversary of the grant date of January 26, 2016, and the remaining three-quarter of the shares subject to the options vesting ratably on a monthly basis over the following thirty-six (36) months thereafter provided such officer is continuing to provide services to CymaBay on such vesting date.
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.
| | |
| CymaBay Therapeutics, Inc. |
| |
| By: | | /s/ Sujal Shah |
| Name: | | Sujal Shah |
| Title: | | Chief Financial Officer |
Dated: January 29, 2016
