Business Context and Reporting Period
This Form 8-K Current Report was filed by Corvus Pharmaceuticals, Inc. on December 14, 2018, covering events that occurred on December 12, 2018. The Company is an emerging growth company incorporated in Delaware.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on executive compensation adjustments and board composition changes.
Material Changes
Executive Compensation Adjustments
The Board of Directors approved increases to the 2019 annual base salaries and new stock option awards for three executive officers, effective December 12, 2018. The options vest in equal monthly installments over 48 months.
| Executive Officer | 2019 Base Salary | Stock Option Award (Shares) |
|---|---|---|
| Richard A. Miller, M.D. (CEO) | $300,000 | 250,000 |
| Leiv Lea (CFO) | $350,000 | 100,000 |
| Daniel W. Hunt, J.D. (SVP & CBO) | $386,250 | 50,000 |
Board Departure
Peter Moldt, Ph.D., notified the Company of his intention to resign from the Board of Directors, the Audit Committee, and the Nominating and Corporate Governance Committee in the first half of 2019. The resignation is not due to any disagreement with the Company.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, risk factors, or management commentary regarding the Company's business outlook or contingencies beyond the specific personnel changes noted above.
Key Facts for Investor Verification
- Verify the closing stock price on December 12, 2018, to determine the exercise price for the 400,000 total new stock options granted.
- Confirm the exact date of Dr. Moldt's resignation in the first half of 2019 and the subsequent appointment of a replacement director.
- Review the Company's 2016 Equity Incentive Award Plan to understand the remaining share pool available for future grants.