8-K: Current report filing
Published on December 15, 2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): December 9, 2020
BENITEC BIOPHARMA INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-39267 | 84-462-0206 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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3940 Trust Way, Hayward, California | 94545 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number, Including Area Code: (510) 780-0819
(Former Name or Former Address, if Changed Since Last Report): Not Applicable
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:
☐ | 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)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
||
Common Stock, par value $0.0001 | BNTC | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging Growth Company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Grants of Executive Stock Options. On December 9, 2020, the Compensation Committee (the Committee) of the Board of Directors (the Board) of Benitec Biopharma Inc. (the Company) approved the grant to each of Dr. Jerel Banks, Chief Executive Officer, and Megan Boston, Executive Director, of nonqualified stock options (the Executive Options) to purchase 284,345 and 142,172 shares, respectively, of the Companys common stock pursuant to the Companys 2020 Equity and Incentive Compensation Plan (the Plan). The Executive Options were granted at an exercise price of $2.98 per share, which equals the closing price of the Companys common stock on December 9, 2020. The Options will become vested and exercisable in three substantially equal installments on each of the first three anniversaries of the grant date, subject to the applicable executives continued service with the Company through the applicable vesting date. Upon the occurrence of a Change in Control (as defined in the Plan) any unvested portion of the Executive Options will become fully-vested and exercisable.
Grants of Stock Options to Non-Employee Directors. Also on December 9, 2020, the Committee recommended that the Board approve, and the Board approved, the grant of nonqualified stock options (the Director Options, and together with the Executive Options, the Options) to purchase the Companys common stock to each of the Companys non-employee directors, J. Kevin Buchi, Edward Smith, and Peter Francis pursuant to the Plan. Each of the Companys non-employee directors was granted Director Options to purchase 23,601 shares. The Director Options were granted at an exercise price of $2.98 per share, which equals the closing price of the Companys common stock on the grant date. The Director Options will become vested and exercisable in three substantially equal installments on the day prior to each of the Companys next three annual stockholder meetings occurring immediately following the grant date, subject to the applicable non-employee directors continued service with the Company through the applicable vesting date. Upon the occurrence of a Change in Control any unvested portion of the Director Options will become fully-vested and exercisable.
The foregoing descriptions of the Options are qualified in their entirety by reference to the full text of the applicable Option Right Agreements, which are filed herewith as Exhibit 10.1 and 10.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
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, thereunto duly authorized.
BENITEC BIOPHARMA INC. | ||||
Date: December 15, 2020 | By: | /s/ Jerel A. Banks |
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Name: | Jerel A. Banks | |||
Title: | Chief Executive Officer |