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<div id="a1" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:312px;top:56px;">UNITED STATES</div><div id="a3" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:150px;top:83px;">SECURITIES AND EXCHANGE COMMISSION </div><div id="a6" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:339px;top:126px;">Washington, D.C. 20549 </div><div id="a8" style="position:absolute;font-family:'Times New Roman';left:308px;top:142px;">______________________________ </div><div id="a10" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:349px;top:157px;">FORM </div><div id="a10_5_3" style="position:absolute;font-family:'Times New Roman';font-size:24px;font-weight:bold;left:429px;top:157px;"><ix:nonNumeric id="ID_0" name="dei:DocumentType" contextRef="FROM_Mar08_2024_TO_Mar08_2024_Entity_0001851657">8-K</ix:nonNumeric></div><div id="a14" 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<div id="a219" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:48px;top:48px;">Item 5.02 Departure of Directors or Certain<div style="display:inline-block;width:5px">&#160;</div>Officers&#894; Election of Directors&#894; Appointment of Certain Officers&#894;<div style="display:inline-block;width:5px">&#160;</div>Compensatory </div><div id="a220" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:48px;top:64px;">Arrangements of Certain Officers. </div><div id="a223" style="position:absolute;font-family:'Times New Roman';left:48px;top:94px;">On March 8, 2024, a Special Committee (the &#8220;Committee&#8221;) of the<div style="display:inline-block;width:5px">&#160;</div>Board of Directors (the &#8220;Board&#8221;) of Vaxxinity,<div style="display:inline-block;width:6px">&#160;</div>Inc. (the </div><div id="a224" style="position:absolute;font-family:'Times New Roman';left:48px;top:110px;">&#8220;Company&#8221;) approved an option repricing (the &#8220;Repricing&#8221;).<div style="display:inline-block;width:8px">&#160;</div>The Committee, which comprises solely independent and disinterested </div><div id="a226" style="position:absolute;font-family:'Times New Roman';left:48px;top:125px;">directors, was delegated the authority by the Board to consider and approve<div style="display:inline-block;width:5px">&#160;</div>an option repricing program for the Company&#8217;s<div style="display:inline-block;width:5px">&#160;</div>employees </div><div id="a228" style="position:absolute;font-family:'Times New Roman';left:48px;top:140px;">and executive officers. 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The<div style="display:inline-block;width:5px">&#160;</div>Repricing includes options held by Louis Reese, the Company&#8217;s </div><div id="a240" style="position:absolute;font-family:'Times New Roman';left:48px;top:232px;">Executive Chairman (options to purchase 2,991,835 shares of Class B common<div style="display:inline-block;width:5px">&#160;</div>stock at an exercise price $10.07 per share), Mei Mei </div><div id="a242" style="position:absolute;font-family:'Times New Roman';left:48px;top:248px;">Hu, the Company&#8217;s Chief Executive<div style="display:inline-block;width:5px">&#160;</div>Officer (together with Mr.<div style="display:inline-block;width:5px">&#160;</div>Reese, the &#8220;Founders&#8221;) (options to purchase 3,370,620 shares of Class </div><div id="a244" style="position:absolute;font-family:'Times New Roman';left:48px;top:263px;">B common stock at an exercise price of $10.07 per share), JC Dodart, the Company&#8217;s<div style="display:inline-block;width:5px">&#160;</div>Senior Vice President of Research (options<div style="display:inline-block;width:5px">&#160;</div>to </div><div id="a247" style="position:absolute;font-family:'Times New Roman';left:48px;top:278px;">purchase 244,713 shares of Class A common stock at exercise prices ranging from<div style="display:inline-block;width:5px">&#160;</div>$2.29 to $13.00 per share), Jason Pesile, the </div><div id="a249" style="position:absolute;font-family:'Times New Roman';left:48px;top:294px;">Company&#8217;s Senior Vice<div style="display:inline-block;width:6px">&#160;</div>President of Finance and Accounting (options to purchase 83,925 shares of Class A common<div style="display:inline-block;width:5px">&#160;</div>stock at exercise </div><div id="a251" style="position:absolute;font-family:'Times New Roman';left:48px;top:309px;">prices ranging from $2.29 to $5.26 per share), Rene Paula, the Company&#8217;s<div style="display:inline-block;width:6px">&#160;</div>advisor and former General Counsel (options to purchase </div><div id="a253" style="position:absolute;font-family:'Times New Roman';left:48px;top:324px;">268,404 shares of Class A common stock at exercise prices ranging from $2.29 to<div style="display:inline-block;width:5px">&#160;</div>$13.00 per share), Sumita Ray, the<div style="display:inline-block;width:5px">&#160;</div>Company&#8217;s </div><div id="a254" style="position:absolute;font-family:'Times New Roman';left:48px;top:340px;">Chief Legal Officer (options to purchase 425,000 shares of Class A common<div style="display:inline-block;width:5px">&#160;</div>stock at an exercise price of $1.17 per share), Peter </div><div id="a256" style="position:absolute;font-family:'Times New Roman';left:48px;top:355px;">Powchik, the Company&#8217;s Executive<div style="display:inline-block;width:5px">&#160;</div>Vice President and Global Scientific<div style="display:inline-block;width:5px">&#160;</div>Director and a member of the Company&#8217;s<div style="display:inline-block;width:5px">&#160;</div>Board of Directors </div><div id="a258" style="position:absolute;font-family:'Times New Roman';left:48px;top:370px;">(options to purchase 584,744 shares of Class A common stock at exercise<div style="display:inline-block;width:5px">&#160;</div>prices ranging from $1.17 to $1.27 per share, which does </div><div id="a260" style="position:absolute;font-family:'Times New Roman';left:48px;top:386px;">not include any options previously granted to Mr.<div style="display:inline-block;width:5px">&#160;</div>Powchik in connection with his service as a director prior to his employment with </div><div id="a262" style="position:absolute;font-family:'Times New Roman';left:48px;top:401px;">the Company), and other senior executives and employees of the Company.<div style="display:inline-block;width:6px">&#160;</div>The total number of shares of Class A and Class B </div><div id="a264" style="position:absolute;font-family:'Times New Roman';left:48px;top:416px;">common stock underlying all Eligible Options is approximately 10,105,140<div style="display:inline-block;width:5px">&#160;</div>shares. Options held by non-employee members of the </div><div id="a267" style="position:absolute;font-family:'Times New Roman';left:48px;top:432px;">Board were not eligible for the Repricing. </div><div id="a272" style="position:absolute;font-family:'Times New Roman';left:48px;top:462px;">As of March 8, 2024 (with respect to the Employee Options issued under the 2021<div style="display:inline-block;width:5px">&#160;</div>Stock Option Plan and the Founder Options) and </div><div id="a274" style="position:absolute;font-family:'Times New Roman';left:48px;top:478px;">March 10, 2024 (with respect to the Employee Options issued under the 2021 Omnibus<div style="display:inline-block;width:5px">&#160;</div>Plan) (as applicable, the &#8220;Repricing Date&#8221;), </div><div id="a276" style="position:absolute;font-family:'Times New Roman';left:48px;top:493px;">the Eligible Options were immediately repriced such that the exercise price<div style="display:inline-block;width:5px">&#160;</div>per share for such options was reduced to $0.70, the </div><div id="a279" style="position:absolute;font-family:'Times New Roman';left:48px;top:508px;">closing price of the Company&#8217;s Class A common<div style="display:inline-block;width:5px">&#160;</div>stock on the Nasdaq Global Market on March 8, 2024, the most recent closing price </div><div id="a281" style="position:absolute;font-family:'Times New Roman';left:48px;top:524px;">of the Company&#8217;s Class A common<div style="display:inline-block;width:5px">&#160;</div>stock prior to the Repricing, subject to certain retention and other requirements outlined<div style="display:inline-block;width:5px">&#160;</div>below </div><div id="a283" style="position:absolute;font-family:'Times New Roman';left:48px;top:539px;">and, in the case of Employee Options issued under the 2021 Omnibus Plan,<div style="display:inline-block;width:5px">&#160;</div>the expiration of the 20-day period following the filing of </div><div id="a287" style="position:absolute;font-family:'Times New Roman';left:48px;top:554px;">a definitive Information Statement on Schedule 14C. In accordance<div style="display:inline-block;width:5px">&#160;</div>with the terms of the 2021 Omnibus Plan, on March 10, 2024, </div><div id="a289" style="position:absolute;font-family:'Times New Roman';left:48px;top:570px;">stockholders of the Company holding a majority in voting power of<div style="display:inline-block;width:5px">&#160;</div>the outstanding shares of the Company&#8217;s common<div style="display:inline-block;width:5px">&#160;</div>stock approved </div><div id="a291" style="position:absolute;font-family:'Times New Roman';left:48px;top:585px;">by written consent the repricing of the Employee Options issued under the 2021<div style="display:inline-block;width:5px">&#160;</div>Omnibus Plan. </div><div id="a294" style="position:absolute;font-family:'Times New Roman';left:48px;top:616px;">In order to exercise the Employee Options at the reduced exercise price, holders are<div style="display:inline-block;width:5px">&#160;</div>required to remain in service with the Company </div><div id="a296" style="position:absolute;font-family:'Times New Roman';left:48px;top:631px;">(or otherwise be eligible to exercise their options pursuant to any applicable post-termination<div style="display:inline-block;width:5px">&#160;</div>exercise period) through the end of a </div><div id="a301" style="position:absolute;font-family:'Times New Roman';left:48px;top:646px;">&#8220;Retention Period&#8221; that ends on the earlier of: (a) December 31, 2024<div style="display:inline-block;width:5px">&#160;</div>and (b) a Change of Control, as defined in the 2021 Omnibus </div><div id="a303" style="position:absolute;font-family:'Times New Roman';left:48px;top:662px;">Plan.<div style="display:inline-block;width:7px">&#160;</div>If an employee exercises an Employee Option prior to the end of the Retention Period, such<div style="display:inline-block;width:5px">&#160;</div>employee will be required to pay a </div><div id="a305" style="position:absolute;font-family:'Times New Roman';left:48px;top:677px;">premium exercise price equal to the original exercise price per share of such Employee<div style="display:inline-block;width:5px">&#160;</div>Option.<div style="display:inline-block;width:7px">&#160;</div>Options subject to the Repricing held </div><div id="a307" style="position:absolute;font-family:'Times New Roman';left:48px;top:692px;">by the Founders will be exercisable in accordance with their terms, and shares<div style="display:inline-block;width:5px">&#160;</div>of Class B common stock acquired upon exercise of </div><div id="a309" style="position:absolute;font-family:'Times New Roman';left:48px;top:708px;">such options will be subject to a lock-up restriction prohibiting sales for<div style="display:inline-block;width:5px">&#160;</div>a period of two years from the Repricing Date.<div style="display:inline-block;width:7px">&#160;</div>In addition, </div><div id="a312" style="position:absolute;font-family:'Times New Roman';left:48px;top:723px;">the Founders will not be eligible to receive annual equity grants in 2024 and 2025.<div style="display:inline-block;width:11px">&#160;</div></div><div id="a315" style="position:absolute;font-family:'Times New Roman';left:48px;top:754px;">The Committee approved the Repricing after multiple meetings, careful<div style="display:inline-block;width:5px">&#160;</div>consideration of various alternatives, a review of other </div><div id="a317" style="position:absolute;font-family:'Times New Roman';left:48px;top:769px;">applicable factors and with the advice of the Company&#8217;s<div style="display:inline-block;width:5px">&#160;</div>independent compensation consultant. The Committee designed the </div><div id="a318" style="position:absolute;font-family:'Times New Roman';left:48px;top:784px;">Repricing, with the original exercise price applicable to the Employee<div style="display:inline-block;width:5px">&#160;</div>Options during the Retention Period, and the extended holding </div><div id="a320" style="position:absolute;font-family:'Times New Roman';left:48px;top:800px;">period and determination not to make of annual grants to the Founders in 2024<div style="display:inline-block;width:5px">&#160;</div>and 2025, to provide added incentive to retain and </div><div id="a322" style="position:absolute;font-family:'Times New Roman';left:48px;top:815px;">motivate the Company&#8217;s employees<div style="display:inline-block;width:5px">&#160;</div>and Founders to continue to work in the best interests of the Company and its stockholders </div><div id="a324" style="position:absolute;font-family:'Times New Roman';left:48px;top:830px;">without incurring the stock dilution resulting from significant additional<div style="display:inline-block;width:5px">&#160;</div>equity grants or significant additional cash expenditures </div><div id="a326" style="position:absolute;font-family:'Times New Roman';left:48px;top:846px;">resulting from additional cash compensation. As of the date of approval of<div style="display:inline-block;width:5px">&#160;</div>the Repricing, nearly all of the stock options held by </div><div id="a329" style="position:absolute;font-family:'Times New Roman';left:48px;top:861px;">continuing Company employees were &#8220;underwater,&#8221;<div style="display:inline-block;width:5px">&#160;</div>with exercise prices well above the current market price of the Company&#8217;s<div style="display:inline-block;width:5px">&#160;</div>Class </div><div id="a331" style="position:absolute;font-family:'Times New Roman';left:48px;top:876px;">A common stock. The Eligible Options previously had exercise prices ranging<div style="display:inline-block;width:5px">&#160;</div>from $0.73 to $13.00 per share. </div><div id="a334" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:48px;top:907px;">Item 5.07 Submission of Matters to a Vote<div style="display:inline-block;width:5px">&#160;</div>of Security Holders. </div><div id="a337" style="position:absolute;font-family:'Times New Roman';left:48px;top:938px;">The information set forth above under Item 5.02 is incorporated by reference<div style="display:inline-block;width:5px">&#160;</div>into this Item 5.07<div style="display:inline-block;width:192px">&#160;</div></div></div>
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<div id="a341" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:365px;top:48px;">SIGNATURES </div><div id="a344" style="position:absolute;font-family:'Times New Roman';left:48px;top:79px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has<div style="display:inline-block;width:5px">&#160;</div>duly caused this report to be signed on its </div><div id="a346" style="position:absolute;font-family:'Times New Roman';left:48px;top:94px;">behalf by the undersigned hereunto duly authorized. </div><div id="a352" style="position:absolute;font-family:'Times New Roman';left:48px;top:125px;">Date: March 14, 2024 </div><div id="a356" style="position:absolute;font-family:'Times New Roman';left:466px;top:156px;">VAXXINITY,<div style="display:inline-block;width:7px">&#160;</div>INC. </div><div id="a358" style="position:absolute;font-family:'Times New Roman';left:466px;top:203px;">By: </div><div id="a360" style="position:absolute;font-family:'Times New Roman';left:508px;top:203px;">/s/ Mei Mei Hu </div><div id="a364" style="position:absolute;font-family:'Times New Roman';left:508px;top:219px;">Name:<div style="display:inline-block;width:13px">&#160;</div>Mei Mei Hu </div><div id="a369" style="position:absolute;font-family:'Times New Roman';left:508px;top:234px;">Title:<div style="display:inline-block;width:20px">&#160;</div>Chief Executive Officer </div></div>
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{"company-data": {"conformed-name": "Vaxxinity, Inc.", "cik": "0001851657", "assigned-sic": "2834", "organization-name": "03 Life Sciences", "irs-number": "862083865", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-41058", "film-number": "24750392"}, "business-address": {"street1": "505 ODYSSEY WAY", "city": "EXPLORATION PARK", "state": "FL", "zip": "32953", "phone": "(254) 244-5739"}, "mail-address": {"street1": "505 ODYSSEY WAY", "city": "EXPLORATION PARK", "state": "FL", "zip": "32953"}}
20240313
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
March 8, 2024
____________________________________
Vaxxinity, Inc.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware
001-41058
86-2083865
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
505 Odyssey Way
Merritt Island
,
FL
32953
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (
254
)
244-5739
Not Applicable
(Former name or former address, if changed since last report)
____________________________________
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:
☐
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common Stock, par value $0.0001
per share
VAXX
The
Nasdaq
Global Market
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period
for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers;
Compensatory
Arrangements of Certain Officers.
On March 8, 2024, a Special Committee (the "Committee") of the
Board of Directors (the "Board") of Vaxxinity,
Inc. (the
"Company") approved an option repricing (the "Repricing").
The Committee, which comprises solely independent and disinterested
directors, was delegated the authority by the Board to consider and approve
an option repricing program for the Company's
employees
and executive officers. The Repricing generally applied to
continuing employees and officers with (a) underwater options to purchase
shares of the Company's Class A common
stock that were granted to employees (other than the Founders (as defined below))
under
the Company's 2021 Omnibus Incentive
Compensation Plan (the "2021 Omnibus Plan") and the 2021 Stock Option and Grant
Plan
(the "2021 Stock Option Plan") (such options, the "Employee Options")
and (b) underwater options to purchase shares of the
Company's Class B common stock granted
pursuant to stock option agreements governed by the terms of the 2021 Stock Option
Plan
(together with the Employee Options, the "Eligible Options"). The
Repricing includes options held by Louis Reese, the Company's
Executive Chairman (options to purchase 2,991,835 shares of Class B common
stock at an exercise price $10.07 per share), Mei Mei
Hu, the Company's Chief Executive
Officer (together with Mr.
Reese, the "Founders") (options to purchase 3,370,620 shares of Class
B common stock at an exercise price of $10.07 per share), JC Dodart, the Company's
Senior Vice President of Research (options
to
purchase 244,713 shares of Class A common stock at exercise prices ranging from
$2.29 to $13.00 per share), Jason Pesile, the
Company's Senior Vice
President of Finance and Accounting (options to purchase 83,925 shares of Class A common
stock at exercise
prices ranging from $2.29 to $5.26 per share), Rene Paula, the Company's
advisor and former General Counsel (options to purchase
268,404 shares of Class A common stock at exercise prices ranging from $2.29 to
$13.00 per share), Sumita Ray, the
Company's
Chief Legal Officer (options to purchase 425,000 shares of Class A common
stock at an exercise price of $1.17 per share), Peter
Powchik, the Company's Executive
Vice President and Global Scientific
Director and a member of the Company's
Board of Directors
(options to purchase 584,744 shares of Class A common stock at exercise
prices ranging from $1.17 to $1.27 per share, which does
not include any options previously granted to Mr.
Powchik in connection with his service as a director prior to his employment with
the Company), and other senior executives and employees of the Company.
The total number of shares of Class A and Class B
common stock underlying all Eligible Options is approximately 10,105,140
shares. Options held by non-employee members of the
Board were not eligible for the Repricing.
As of March 8, 2024 (with respect to the Employee Options issued under the 2021
Stock Option Plan and the Founder Options) and
March 10, 2024 (with respect to the Employee Options issued under the 2021 Omnibus
Plan) (as applicable, the "Repricing Date"),
the Eligible Options were immediately repriced such that the exercise price
per share for such options was reduced to $0.70, the
closing price of the Company's Class A common
stock on the Nasdaq Global Market on March 8, 2024, the most recent closing price
of the Company's Class A common
stock prior to the Repricing, subject to certain retention and other requirements outlined
below
and, in the case of Employee Options issued under the 2021 Omnibus Plan,
the expiration of the 20-day period following the filing of
a definitive Information Statement on Schedule 14C. In accordance
with the terms of the 2021 Omnibus Plan, on March 10, 2024,
stockholders of the Company holding a majority in voting power of
the outstanding shares of the Company's common
stock approved
by written consent the repricing of the Employee Options issued under the 2021
Omnibus Plan.
In order to exercise the Employee Options at the reduced exercise price, holders are
required to remain in service with the Company
(or otherwise be eligible to exercise their options pursuant to any applicable post-termination
exercise period) through the end of a
"Retention Period" that ends on the earlier of: (a) December 31, 2024
and (b) a Change of Control, as defined in the 2021 Omnibus
Plan.
If an employee exercises an Employee Option prior to the end of the Retention Period, such
employee will be required to pay a
premium exercise price equal to the original exercise price per share of such Employee
Option.
Options subject to the Repricing held
by the Founders will be exercisable in accordance with their terms, and shares
of Class B common stock acquired upon exercise of
such options will be subject to a lock-up restriction prohibiting sales for
a period of two years from the Repricing Date.
In addition,
the Founders will not be eligible to receive annual equity grants in 2024 and 2025.
The Committee approved the Repricing after multiple meetings, careful
consideration of various alternatives, a review of other
applicable factors and with the advice of the Company's
independent compensation consultant. The Committee designed the
Repricing, with the original exercise price applicable to the Employee
Options during the Retention Period, and the extended holding
period and determination not to make of annual grants to the Founders in 2024
and 2025, to provide added incentive to retain and
motivate the Company's employees
and Founders to continue to work in the best interests of the Company and its stockholders
without incurring the stock dilution resulting from significant additional
equity grants or significant additional cash expenditures
resulting from additional cash compensation. As of the date of approval of
the Repricing, nearly all of the stock options held by
continuing Company employees were "underwater,"
with exercise prices well above the current market price of the Company's
Class
A common stock. The Eligible Options previously had exercise prices ranging
from $0.73 to $13.00 per share.
Item 5.07 Submission of Matters to a Vote
of Security Holders.
The information set forth above under Item 5.02 is incorporated by reference
into this Item 5.07
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: March 14, 2024
VAXXINITY,
INC.
By:
/s/ Mei Mei Hu
Name:
Mei Mei Hu
Title:
Chief Executive Officer