Filing Overview
Allogene Therapeutics, Inc. filed a Form 8-K dated October 16, 2023, under Item 5.02. The filing reports the appointment of Geoffrey Parker as Executive Vice President, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer, effective October 16, 2023.
Financial and Operating Metrics
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other period-specific financial results.
Material Changes
- Geoffrey Parker, age 58, joined Allogene as its senior finance executive.
- Before joining Allogene, he served as Chief Operating Officer, Chief Financial Officer, and Executive Vice President of Tricida, Inc.; Chief Financial Officer of Anacor Pharmaceuticals; and a Managing Director at Goldman Sachs.
- Mr. Parker currently serves on the boards of Better Therapeutics and Perrigo Company plc.
Compensation, Outlook, and Risks
- Annual base salary: $490,000.
- Annual bonus opportunity: 45% of base salary, based on personal performance and achievement of company objectives; the 2023 bonus will be prorated.
- Initial equity awards include a stock option for 950,000 shares and restricted stock units covering 400,000 shares.
- The option vests 25% on the first anniversary of the grant date, followed by 36 equal monthly installments.
- The RSUs vest in four equal annual installments.
- Mr. Parker is also eligible for performance-based restricted stock units covering 390,000 shares. Half would vest if Allogene achieves a 30-day weighted average share price of $18.00 on or before March 22, 2026; the other half would vest upon the first U.S. FDA marketing approval of an Allogene product on or before March 22, 2028.
- Under the Change in Control and Severance Benefit Plan, a qualifying change-in-control termination would provide 18 months of base salary, a prorated target bonus, full acceleration of outstanding equity awards, and 18 months of COBRA premium payments.
- An involuntary termination not associated with a change in control would provide 12 months of base salary and 12 months of COBRA premium payments.
Key Facts to Verify
- The actual exercise price and grant-date fair value of the 950,000-share option, which were to be determined based on Allogene’s stock price on October 16, 2023.
- The final terms of Mr. Parker’s participation agreement under the Change in Control and Severance Benefit Plan.
- Whether the performance conditions for the 390,000 performance RSUs are achieved by the specified deadlines.
- Any subsequent changes in Allogene’s executive finance leadership or related compensation disclosures.