|EXICURE, INC. filed this Form S-1/A on 01/12/2018|
Defined Contribution Plan
Exicure OpCo sponsors a defined contribution plan intended to qualify under Section 401 of the Internal Revenue Code, as amended from time to time, or the Code, or a 401(k) plan. Employees who are at least 21 years of age are generally eligible to participate and may enter the plan on the first day of any month. Participants may make pre-tax contributions or Roth 401(k) contributions up to the maximum limit established by the Code. These contributions are allocated to each participant’s individual account and are then invested in selected investment alternatives according to the participant’s directions. Participants are immediately and fully vested in their contributions. Currently, Exicure OpCo does not make matching contributions or discretionary contributions to the 401(k) plan.
Outstanding Equity Awards at December 31, 2016
The following table presents information regarding the outstanding options held by each of Exicure OpCo’s named executive officers as of December 31, 2016. None of the named executive officers held any outstanding restricted unit or other equity awards as of that date.
David A. Giljohann, Ph.D.
Chief Executive Officer
David S. Snyder
Chief Financial Officer
Ekambar Kandimalla, Ph.D.
Chief Scientific Officer
In connection with the October 2014 repricing of Exicure OpCo’s outstanding option awards, the option exercise price for all outstanding options was adjusted to $0.32 per share.
25% of the shares subject to these options vest on the one-year anniversary of the vesting commencement date, and 1/48th of the shares subject to these options vest each month thereafter on the same day of the month as the vesting commencement date (or if there is no corresponding day, on the last day of such month), subject to the executive continuing to be employed by Exicure OpCo through the applicable vesting date.
These options vest in 48 equal monthly installments, subject to the executive continuing to be employed by Exicure OpCo through the applicable vesting date.
Equity Incentive Plans
As of December 31, 2016, Exicure OpCo’s employees, directors and consultants held outstanding options for the purchase of up to 6,222,448 common shares. As of December 31, 2016, 2,956,455 of those options were vested and the balance was not vested. The weighted-average exercise price of those vested and unvested options was $0.51 and $0.72 per share, respectively, and each of those options had a maximum term of ten years from the applicable date of grant.