| Item 2.02 | Results of Operations and Financial Condition. |
On May 11, 2023, Vincerx Pharma, Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter ended March 31, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 9, 2023, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of the Company approved an annual performance bonus program for 2023 (the “2023 Bonus Program”). The 2023 Bonus Program is designed to motivate, retain, attract and reward the Company’s employees, including its executive officers, through the payment of cash bonus awards based on the achievement of certain annual performance-based goals. Target bonuses for all employees, including executive officers, are based on a percentage of base salary. For 2023, the Compensation Committee approved target bonus percentages for the Company’s executive officers, including its named executive officers, equal to 35% of base salary for the Company’s Chief Executive Officer and 30% of their respective base salaries for the other executive officers, including its other named executive officers.
For all employees, including the Company’s executive officers, bonus awards are based entirely on the achievement of the corporate goals established by the Board, including business development, financial, clinical, regulatory, research, and manufacturing goals. Subject to the discretion of the Compensation Committee to determine the ultimate bonus payouts based on such performance, retention, and other factors as they deem appropriate, the payment of any bonus award is subject to achieving at least 70% of the weighted combination of the corporate goals overall, with actual payouts ranging from 70% to 125% of target based on the level of achievement of the corporate goals.
| Item 9.01 | Financial Statements and Exhibits. |
