| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 14, 2020, the Board of Directors (the “Board”) of ContraFect Corporation (the “Company”) elected Lishan Aklog, M.D. to the Board to serve until the Company’s 2021 annual meeting of stockholders. Dr. Aklog was also appointed to the Board’s Audit Committee, replacing Michael J. Otto, Ph.D on the committee.
Dr. Aklog isCo-Founder, Chairman and Chief Executive Officer of PAVmed Inc. Dr. Aklog has also served as Executive Chairman of Lucid Diagnostics Inc. since its inception in 2018, as aco-founding Partner of both Pavilion Holdings Group LLC (“PHG”), a medical device holding company, since its inception in 2007, and Pavilion Medical Innovations LLC, a venture-backed medical device incubator, since its inception in 2009. Dr. Aklog previously served as Chairman and Chief Technology Officer of Vortex Medical Inc., a PHG portfolio company, from its inception in 2008 until its acquisition in October 2012 by Angiodynamics. Dr. Aklog has served as a consultant and on the advisory boards of many major medical device companies as well as innovative startups. Dr. Aklog is an inventor on 25 issued patents and over 45 patent applications, including the core patents of Vortex Medical’s AngioVac® system and the patents for a majority of PAVmed Inc.’s products. Prior to entering the medical device industry full-time in 2012, Dr. Aklog was, from 2006 to 2012, Associate Professor of Surgery, Chief of Cardiovascular Surgery and Chair of The Cardiovascular Center at St. Joseph’s Hospital and Medical Center’s Heart and Lung Institute in Phoenix, Arizona. From 2002 to 2006, Dr. Aklog was Assistant Professor of Cardiothoracic Surgery, Associate Chief of Cardiac Surgery and Director of Minimally Invasive Cardiac Surgery at Mount Sinai Medical Center in New York. From 1999 to 2002, Dr. Aklog was Assistant Professor of Surgery at Harvard Medical School, Director of the Cardiac Surgery Research Laboratory, and an attending cardiac surgeon at Brigham and Women’s Hospital in Boston.
Dr. Aklog will be entitled to receive (a) an annual cash retainer of $40,000, (b) an annual cash retainer of $7,500 for his service on the Audit Committee and (c) an initial award of options to purchase 16,000 shares of the Company’s common stock. The option award has an exercise price equal to $5.77, which was the fair market value of a share of the Company’s common stock on the date of grant, and vested and became exercisable immediately with respect to 25% of such shares and, with respect to the remaining shares, will vest and become exercisable in equal parts on each of the first three anniversaries of the date of Dr. Aklog’s election to the Board. Dr. Aklog will also enter into the Company’s standard indemnification agreement for directors and officers.
