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PLX > SEC Filings for PLX > Form 8-K on 24-Jul-2014All Recent SEC Filings




Other Events

Item 5.02. Other Events

On July 23, 2014, the Board of Directors of Protalix BioTherapeutics, Inc. (the "Company") resolved to appoint Mr. Shlomo Yanai to serve as Chairman of the Company's Board of Directors, effective July 24, 2014. Mr. Zeev Bronfeld, who had served as the interim Chairman of the Board until then, will remain a member of the Board of Directors. A copy of a press release announcing the appointment is filed as Exhibit 99.1.

As compensation for his services as Chairman of the Board, the Company has granted Mr. Yanai a 10-year option to purchase 150,000 shares of the Company's common stock, par value $0.001 per share, under the Company's 2006 Stock Incentive Plan, as amended (the "Plan"). The options will vest over a three-year period; the first 50,000 shares will vest on the first anniversary of Mr.Yanai's appointment to the Board of Directors and the remaining 100,000 shares will vest in eight equal quarterly increments over the subsequent two year period (subject to certain terms and conditions). Vesting of the options will be accelerated in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan. The exercise price of the option is $3.37 per share, the closing sales price of the Company's common stock on the NYSE MKT for the day immediately preceding the effective date of the grant.

In addition to the option, Mr. Yanai is entitled to an annual fee equal to $200,000, earned and payable on a quarterly basis and standard reimbursement of certain expenses. He is also entitled to indemnification and to be an insured in the Company's D&O insurance policy, as are the Company's other executive officers and directors.

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