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): September 22, 2010
AFFYMAX, INC.
(Exact name of registrant as specified in charter)
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Delaware |
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001-33213 |
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77-0579396 |
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(State or other jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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incorporation) |
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4001 Miranda Avenue
Palo Alto, California 94304
(Address of principal executive offices and
zip code)
Registrant’s telephone number, including area code: (650) 812 -8700
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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.
On September 22, 2010, the Board of Directors of Affymax, Inc. (the “Company”) approved grants of stock option and restricted stock units (“RSUs”) pursuant to the 2006 Equity Incentive Plan for the following executive officers:
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Name and Position |
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Stock Option Grant |
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Restricted Stock |
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Arlene M. Morris, Chief Executive Officer |
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100,000 |
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75,000 |
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John A.Orwin, President and Chief Operating Officer |
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80,000 |
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60,000 |
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Anne-Marie Duliege, MD, MS, Chief Medical Officer |
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40,000 |
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30,000 |
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Paul B. Cleveland, Executive Vice President, Corporate Development and Chief Financial Officer |
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40,000 |
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30,000 |
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Robert Venteicher, Ph.D., Senior Vice President, Technical Operations |
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40,000 |
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30,000 |
*The shares vest and become exercisable in a series of forty-eight (48) successive equal monthly installments over the four (4) year period measured from September 22, 2010. The stock options have an exercise price of $5.83 per share, the closing price of the Company’s Common Stock as reported by The NASDAQ Global Market on the date of grant.
** The RSUs are performance based and vest (i) 50% upon the acceptance by the FDA of the NDA for Hematide™(peginesatide) and (ii) 50% upon product launch for Hematide.
In addition, the Board approved amendments to the employment agreements for the aforementioned executive officers so that in the event of a change of control of the Company and involuntary termination within 12 months, the officer would have the right to exercise any stock option until the earlier of three years (extended from one year) following the date of termination or expiration of the term of any such option.