Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Resignation of Director
On December 23, 2020, Jeffrey B. Kindler resigned from the Board of Directors of
vTv Therapeutics, Inc. (the "Company"), effective as of such date. Mr. Kindler
did not resign as a result of any disagreement with the Company relating to the
Company's operations, policies or practices.
Appointment of Director
On December 30, 2020, the Board of Directors (the "Board") of vTv Therapeutics
Inc. (the "Company"), upon recommendation of the Nominating and Corporate
Governance Committee of the Board, appointed Robin E. Abrams, as Executive
Chairman and a member of the Board, effective immediately. Ms. Abrams will serve
a term through the date of the next annual meeting of the Company's
stockholders. In addition, Ms. Abrams will serve as a member of the Nominating
and Corporate Governance Committee. In connection with her appointment, Ms.
Abrams resigned from her role as Executive Vice President and General Counsel of
the Company, a position which she has held since 2016.
In connection with her appointment as Executive Chairman, the Company entered
into a services agreement with Ms. Abrams. The services agreement provides for a
base fee of not less than $250,000. Ms. Abrams is also eligible to receive
annual cash and equity performance bonuses in respect of each completed fiscal
year as determined by the Compensation Committee of the Company. The services
agreement does not specify the performance metrics and goals for the annual
target cash and equity awards, which metrics and goals will be established by
the Compensation Committee. Any such equity awards will generally vest in three
equal installments of 33.33% on each anniversary of the date of grant, subject
to continued performance of services on the applicable vesting date (provided
that upon certain qualifying terminations, such awards shall vest in full). The
services agreement contains a customary one-year post termination non-compete
and non-solicit and other customary terms.
Though the services agreement with Ms. Abrams does not provide for severance, it
does provide for full acceleration of vesting of outstanding equity awards upon
certain qualifying terminations of services.
Ms. Abrams is General Counsel and Chief Administrative Officer of SIGA
Technologies, Inc. a position she has held since April 2016. Prior to her roles
at SIGA and the Company, Ms. Abrams had an extensive career in the
pharmaceutical industry and served as an Assistant United States Attorney in the
Southern District of New York.
The foregoing description of the services agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
services agreement, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and is incorporated by reference herein.
Item 8.01 Other Events
David M. Lambert III ("Trey") has been promoted to Senior Vice President and
General Counsel in connection with Ms. Abrams' appointment as Executive Chairman
and resignation as Executive Vice President and General Counsel, as more fully
described in Item 5.02 above. Mr. Lambert was previously Vice President, Senior
Counsel for the Company, a role he has held since 2016. Prior to his role at the
Company, Mr. Lambert was an associate at Latham & Watkins LLP in its Washington,
D.C. office and at Womble Bond Dickinson in its Winston-Salem, NC office. Mr.
Lambert holds a J.D. and an MBA from the University of North Carolina at Chapel
Hill.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Executive Chairman Agreement, dated as of December 30, 2020, by and
between vTv Therapeutics Inc. and Robin E. Abrams
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