8-K
false 0001347178 0001347178 2021-02-24 2021-02-24

 

 

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): February 25, 2021 (February 24, 2021)

 

 

VANDA PHARMACEUTICALS INC.

(Exact name of Registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation)

 

001-34186   03-0491827
(Commission File No.)   (IRS Employer Identification No.)

2200 Pennsylvania Avenue NW

Suite 300E

Washington, DC 20037

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (202) 734-3400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange

on which registered

Common Stock, par value $0.001 per share   VNDA   The Nasdaq Global Market

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.

(e)    On February 24, 2021, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Vanda Pharmaceuticals Inc. (the “Company”) awarded 2020 annual bonuses and approved 2021 annual base salaries and 2021 bonus target amounts for the Company’s named executive officers. Prior to approving the foregoing, the Compensation Committee reviewed an analysis of the Company’s executive compensation compared to the Company’s peer group conducted by Willis Towers Watson, a compensation consultant engaged by the Compensation Committee.

The Compensation Committee awarded bonuses for performance for the twelve-month period ended December 31, 2020, in the amounts set forth opposite the names of the executive officers listed below.

 

Name

  

Position

  

2020 Bonus

 
Mihael Polymeropoulos, M.D.    President and Chief Executive Officer    $ 656,687  
Kevin Moran    Senior Vice President, Chief Financial Officer and Treasurer    $ 200,000  
Timothy Williams    Senior Vice President, General Counsel and Secretary    $ 200,000  
Gunther Birznieks    Senior Vice President, Business Development    $ 200,000  

The Compensation Committee approved 2021 annual base salaries and 2021 bonus target amounts for the twelve-month period ending December 31, 2021 in the amounts set forth opposite the names of the executive officers listed below.

 

Name

  

Position

  

2021 Base Salary

    

2021 Target Bonus

 
Mihael Polymeropoulos, M.D.    President and Chief Executive Officer    $ 769,000        80
Kevin Moran    Senior Vice President, Chief Financial Officer and Treasurer    $ 402,000        45
Timothy Williams    Senior Vice President, General Counsel and Secretary    $ 440,000        45
Gunther Birznieks    Senior Vice President, Business Development    $ 434,000        45

In addition, the Compensation Committee granted (i) options to purchase shares of the Company’s common stock at an exercise price equal to $20.28 per share, the closing price of the Company’s common stock on The Nasdaq Global Market on February 24, 2021, and (ii) restricted stock unit (“RSU”) awards under the Company’s Amended and Restated 2016 Equity Incentive Plan to its named executive officers in the amounts set forth opposite the names of the executive officers listed below. The options vest with respect to 25% of the underlying shares on February 24, 2022, with the balance vesting in equal monthly installments over the next 36 months of continuous service thereafter. The RSUs for all named executive officers will vest in four equal annual installments beginning on March 1, 2022.


Name

  

Position

   Number of Shares
Underlying Option
Grant
    

Number of Shares

Underlying RSU Award

 
Mihael Polymeropoulos, M.D.    President and Chief Executive Officer      275,000        115,000  
Kevin Moran    Senior Vice President, Chief Financial Officer and Treasurer      77,500        32,700  
Timothy Williams    Senior Vice President, General Counsel and Secretary      77,500        32,700  
Gunther Birznieks    Senior Vice President, Business Development      77,500        32,700  


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.

 

Dated: February 25, 2021     VANDA PHARMACEUTICALS INC.
    By:  

/s/ Timothy Williams

    Name:   Timothy Williams
    Title:   Senior Vice President, General Counsel and Secretary