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NVIV > SEC Filings for NVIV > Form 8-K on 17-Apr-2013All Recent SEC Filings

Show all filings for INVIVO THERAPEUTICS HOLDINGS CORP. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INVIVO THERAPEUTICS HOLDINGS CORP.


17-Apr-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 16, 2013, the Board of Directors (the "Board") of InVivo Therapeutics Holdings Corp. (the "Company") elected John A. McCarthy, Jr. as a Class II director. The Board also appointed Mr. McCarthy as Chairman of the Audit Committee and a member of the Governance, Nominating and Compensation Committee of the Board (the "Committee").

In connection with his election, the Committee approved the grant of an option to purchase 50,000 shares of the Company's common stock, which vests in 12 equal monthly installments beginning on the first anniversary of the date of grant. As an independent director, Mr. McCarthy will be compensated for his service as a director under the Board's existing non-employee director compensation policy, including an annual cash retainer fee of $25,000, an annual cash retainer of $5,000 for serving as Chairman of the Audit Committee, and per meeting cash fees. In addition, independent directors also receive an annual grant of an option to purchase 50,000 shares of the Company's common stock on December 10 of each calendar year, which vests in 12 equal monthly installments beginning on the first monthly anniversary of the date of grant. Mr. McCarthy will also be entitled to reimbursement for reasonable travel expenses in connection with attendance at meetings of the Board and Board committees.

Since December 2012, Mr. McCarthy has served as Chief Executive Officer of CryoXtract Instruments, LLC. Prior to joining CryoXtract, Mr. McCarthy served as President and Chief Executive Officer of Qteros, Inc. from 2010 to 2011. During 2009, he served as Senior Vice President, Chief Financial Officer and Chief Business Officer at Microbia, Inc. From 2006 to 2008, he served as Executive Vice President and Chief Financial Officer at Verenium Corporation. From 2005 to 2006, Mr. McCarthy served as Senior Vice President and Chief Financial Officer of Xanthus Pharmaceuticals, Inc. From 2004 to 2005, he served as Senior Vice President Corporate Development and Chief Financial Officer of Synta Pharmaceuticals Corp., and from 2000 to 2004, he served as Executive Vice President and Chief Financial Officer of Exact Sciences Corporation. Mr. McCarthy was not selected as a director pursuant to any arrangements or understandings with the Company or with any other person, and there are no related party transactions between Mr. McCarthy and the Company that would require disclosure under item 404(a) of Regulation S-K.

On April 15, 2013, George Nolen and Adam K. Stern each informed the Company of their intention not to stand for re-election at the 2013 Annual Meeting of Shareholders. Mr. Nolen is departing to devote more time to his role as Senior Managing Director of Madison Capital Partners. Mr. Stern is departing to focus on his responsibilities as CEO of SternAegis Ventures and to devote more time to other personal and professional commitments. Messrs. Nolen and Stern will each continue to serve as directors of the Company until the expiration of their terms at the conclusion of the 2013 Annual Meeting of Shareholders, which is expected to be held on May 23, 2013.


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