Item 5.02Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)Executive Officer Retention Bonus Opportunity
On January 21, 2022, the Compensation Committee of the Board of Directors of
GlycoMimetics, Inc. (the "Company") awarded potential cash retention bonuses to
certain employees of the Company, including the Company's executive officers
other than the Company's Chief Executive Officer. Each of Brian Hahn, the
Company's Chief Financial Officer, and Armand Girard, the Company's Chief
Business Officer, will have the opportunity to earn a bonus of up to 60% of the
respective officer's current base salary, and John Magnani, the Company's Chief
Scientific Officer, will have the opportunity to earn a bonus of up to 20% of
his current base salary. Of the total bonus opportunity, 40% is payable in a
lump sum on August 1, 2022 and the remaining 60% is payable in a lump sum on
August 1, 2023, in each case subject to the officer's continued employment with
the Company on a full-time basis through the applicable bonus payment date. The
potential cash retention bonuses described above are in addition to each
officer's annual bonus opportunity under their respective current employment
agreements with the Company.
Item 8.01Other Events.
On January 21, 2022, the Compensation Committee of the Board adopted an
amendment to the GlycoMimetics, Inc. Inducement Plan (the "Inducement Plan") to
increase the number of shares of common stock reserved for issuance under the
Inducement Plan from 2,000,000 shares to 3,000,000 shares, subject to adjustment
for stock dividends, stock splits, or other changes in the Company's capital
structure.
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