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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WASHINGTON, D.C. 20549 </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>CURRENT REPORT </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date of Report (Date of Earliest Event Reported): December 31, 2018 </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:24pt;margin:0pt;text-align:center;"><b>Sophiris Bio Inc. </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Exact name of registrant as specified in its charter) </b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>British Columbia</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>001-36054</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>98-1008712</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(State or other jurisdiction</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>of incorporation)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Commission</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>File Number)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(I.R.S. Employer</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Identification No.)</b></p>
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<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;1258 Prospect Street, La Jolla, California</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>92037</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Address of principal executive offices)</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Zip Code)</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Registrant&rsquo;s telephone number, including area code: 858-777-1760 </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Not Applicable </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Former name or former address, if changed since last report </b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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:</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:21.6pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-21.6pt;">Emerging growth company &#9746;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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. &#9746;&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item&nbsp;5.02</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>2019 Bonus Plan</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On December 31, 2018, the Board of Directors of Sophiris Bio Inc. based upon the recommendation of the Compensation Committee of the Board of Directors approved the compensation of the Chief Executive Officer, Randall E. Woods for 2019. In order to preserve cash while the Company evaluates next steps for clinical development for topsalysin, Mr. Woods&rsquo; base salary will remain the same as his 2018 base salary and the Board decided not to pay Mr. Woods a performance-based bonus under the 2018 plan. In lieu of making a performance-based payment, the Board approved a bonus for Mr. Woods that will only become payable if he remains an employee until the closing of a Change of Control of the Company (as defined in his Change in Control and Severance Benefit Agreement) equal to $220,000 plus an amount equal to the additional base compensation he would have earned if his base compensation had been increased by 3.5% as of January 1, 2019 through the date of the closing of a Change of Control of the Company.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Board also approved bonuses for each of Allison Hulme and Peter T. Slover in the amount of $185,000 and $150,000, respectively, plus an amount equal to the additional base compensation she or he would have earned if her or his base compensation had been increased by 3.5% as of January 1, 2019 through the date of the closing of a Change of Control of the Company if they remain employees until the closing of a Change of Control of the Company (as defined in their individual Change in Control and Severance Benefit Arrangement). Neither Dr. Hulme nor Mr. Slover received any bonus under the 2018 performance-based bonus plan or any increase in base compensation for 2019.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Executive Officer Equity Grants</b>&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On December 31, 2018, our Board of Directors, based on the recommendation of the Compensation Committee, granted to Mr. Woods options to purchase common shares of the Company and the Compensation Committee granted to Dr. Hulme and Mr. Slover options to purchase common shares of the Company, as follows:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;"><u><b>Name</b></u></p>
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			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 50%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:center;"><u><b>Title</b></u></p>
			</td>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>
			</td>
			<td style="vertical-align: bottom; width: 3%; text-align: center;"><u><b>Number of Shares</b></u></td>
			<td style="vertical-align:bottom;width:21.5%;">&nbsp;</td>
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		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:bottom;width:20.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">Randall E. Woods</p>
			</td>
			<td style="vertical-align:bottom;width:1.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:56.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">President &amp; Chief Executive Officer</p>
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			<td style="vertical-align:bottom;width:0.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:13.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">335,000</p>
			</td>
			<td style="vertical-align:bottom;width:4.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:bottom;width:20.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">Allison Hulme, Ph.D.</p>
			</td>
			<td style="vertical-align:bottom;width:1.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:56.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">Chief Operating Officer &amp; Head of Research and Development</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:13.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">245,000</p>
			</td>
			<td style="vertical-align:bottom;width:4.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:bottom;width:20.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">Peter T. Slover</p>
			</td>
			<td style="vertical-align:bottom;width:1.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:56.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;">Chief Financial Officer</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:13.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">205,667</p>
			</td>
			<td style="vertical-align:bottom;width:4.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">For each option granted in the table above, the shares shall vest as follows: 1/3rd shall vest on December 21, 2019 and 1/36th shall vest monthly thereafter, subject to the individual&rsquo;s continued service through each such date. The option grant date for each option was December 31, 2018 and the exercise price per share is $0.83. The term of each option will be 10 years.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The options granted per the above will be subject to the terms and conditions of the Company&rsquo;s Amended and Restated 2011 Stock Option Plan (the &ldquo;Plan&rdquo;). The foregoing does not purport to be complete and is qualified by reference to the Plan, which we have previously filed with the U.S. Securities and Exchange Commission.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Signature</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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.</p>

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			<td style="width: 47%;">Sophiris Bio Inc.</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>January 3, 2019</i></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><i>By:&nbsp;</i></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ Peter Slover</i></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Name: Peter Slover</i></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Title: Chief Financial Officer</i></p>
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sphs20190103_8k.htm
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): December 31, 2018
Sophiris Bio Inc.
(Exact name of registrant as specified in its charter)
British Columbia
001-36054
98-1008712
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
1258 Prospect Street, La Jolla, California
92037
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: 858-777-1760
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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.
2019 Bonus Plan
On December 31, 2018, the Board of Directors of Sophiris Bio Inc. based upon the recommendation of the Compensation Committee of the Board of Directors approved the compensation of the Chief Executive Officer, Randall E. Woods for 2019. In order to preserve cash while the Company evaluates next steps for clinical development for topsalysin, Mr. Woods' base salary will remain the same as his 2018 base salary and the Board decided not to pay Mr. Woods a performance-based bonus under the 2018 plan. In lieu of making a performance-based payment, the Board approved a bonus for Mr. Woods that will only become payable if he remains an employee until the closing of a Change of Control of the Company (as defined in his Change in Control and Severance Benefit Agreement) equal to $220,000 plus an amount equal to the additional base compensation he would have earned if his base compensation had been increased by 3.5% as of January 1, 2019 through the date of the closing of a Change of Control of the Company.
The Board also approved bonuses for each of Allison Hulme and Peter T. Slover in the amount of $185,000 and $150,000, respectively, plus an amount equal to the additional base compensation she or he would have earned if her or his base compensation had been increased by 3.5% as of January 1, 2019 through the date of the closing of a Change of Control of the Company if they remain employees until the closing of a Change of Control of the Company (as defined in their individual Change in Control and Severance Benefit Arrangement). Neither Dr. Hulme nor Mr. Slover received any bonus under the 2018 performance-based bonus plan or any increase in base compensation for 2019.
Executive Officer Equity Grants
On December 31, 2018, our Board of Directors, based on the recommendation of the Compensation Committee, granted to Mr. Woods options to purchase common shares of the Company and the Compensation Committee granted to Dr. Hulme and Mr. Slover options to purchase common shares of the Company, as follows:
Name
Title
Number of Shares
Randall E. Woods
President & Chief Executive Officer
335,000
Allison Hulme, Ph.D.
Chief Operating Officer & Head of Research and Development
245,000
Peter T. Slover
Chief Financial Officer
205,667
For each option granted in the table above, the shares shall vest as follows: 1/3rd shall vest on December 21, 2019 and 1/36th shall vest monthly thereafter, subject to the individual's continued service through each such date. The option grant date for each option was December 31, 2018 and the exercise price per share is $0.83. The term of each option will be 10 years.
The options granted per the above will be subject to the terms and conditions of the Company's Amended and Restated 2011 Stock Option Plan (the "Plan"). The foregoing does not purport to be complete and is qualified by reference to the Plan, which we have previously filed with the U.S. Securities and Exchange Commission.
Signature
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.
Sophiris Bio Inc.
January 3, 2019
By:
/s/ Peter Slover
Name: Peter Slover
Title: Chief Financial Officer