Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective June 21, 2021, Yafei (Roxi) Wen will be appointed Chief Financial
Officer of Invitae Corporation (the "Company"). Upon her appointment, the
Company's current Chief Financial Officer, Shelly D. Guyer, will fully
transition to her new role leading the Company's sustainability efforts,
including the Company's ESG (environmental, social and governance) initiatives.
Ms. Wen, age 49, most recently served as Chief Financial Officer at Mozilla
Corporation, an open-source software company, since February 2019. Prior to
that, Ms. Wen served as Chief Financial Officer of Elo Touch Solutions, Inc., a
touchscreen solutions company, from April 2014 to February 2019, and as Vice
President of Finance at FleetPride, Inc., an industrial distribution company,
from 2013 to 2014. Ms. Wen served as Senior Finance Director and Treasurer of
Lineage Power Holdings, Inc., a global electronics power technology company,
from 2008 to 2011, and following its acquisition by GE Energy, its Chief
Financial Officer from 2011 to 2013. Prior to that, Ms. Wen served as Finance
Manager at Medtronic plc, a global medical technology company, from 2002 to
2008. Ms. Wen holds a Bachelor of Economics from Xiamen University, and an
M.B.A. from the University of Minnesota.
In connection with Ms. Wen's appointment as Chief Financial Officer, Ms. Wen and
the Company entered into an offer letter dated May 19, 2021 (the "Offer
Letter"), pursuant to which Ms. Wen will be entitled to receive an annual base
salary of $475,000. Ms. Wen will be granted 125,000 restricted stock units
("RSUs"), which will vest over a three-year period. Ms. Wen will be paid an
additional $500,000 as a sign-on bonus, which is to be repaid if she resigns
before the anniversary of her start date. Ms. Wen's RSU grants will be subject
to the terms and conditions of the 2015 Stock Incentive Plan and the applicable
stock award agreements, and will be subject to a registration statement on Form
S-8 covering the shares of common stock underlying the RSUs being filed with the
Securities and Exchange Commission. Ms. Wen will also be eligible to participate
in the Company's management incentive compensation plan and to receive up to
19,900 in performance RSUs subject to the terms of such plan, in addition to
medical and other employee benefits programs. Ms. Wen's employment will be on an
"at will" basis.
In connection with her appointment as Chief Financial Officer, the Company
expects to enter into its form of change in control and severance agreement and
form of indemnification agreement with Ms. Wen. Ms. Wen has no family
relationships with any of the Company's directors or executive officers, and she
has no direct or indirect material interest in any transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K.
The foregoing summary of the Offer Letter is qualified in its entirety by
reference to the Offer Letter, a copy of which is attached hereto as
Exhibit 10.1 and incorporated herein by reference. On June 11, 2021, the Company
issued a press release announcing Ms. Wen's appointment as Chief Financial
Officer. A copy of such press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
On June 9, 2021, Katherine A. Stueland, the Company's Chief Commercial Officer,
notified the Company that effective June 18, 2021, she will be stepping down
from her role to accept a CEO position at another company.
Item 5.07 Submission of Matters to a Vote of Security Holders.
The Company held its Annual Meeting of Stockholders on June 7, 2021. The matters
voted upon at the meeting and the results of those votes are set forth below.
1. The following Class II directors were elected to serve until the 2024
annual meeting of stockholders or until their successors are duly elected
and qualified:
For Withheld Broker Non-Votes
Kimber D. Lockhart 117,760,052 709,961 41,557,422
Chitra Nayak 89,724,192 28,745,821 41,557,422
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2. The compensation of the Company's named executive officers was approved,
on a non-binding advisory basis.
For Against Abstain Broker Non-Votes
116,591,304 1,464,921 413,788 41,557,422
3. The appointment of Ernst & Young LLP as the Company's independent
registered public accounting firm for the fiscal year ending December 31,
2021 was ratified.
For Against Abstain
159,473,146 385,462 168,827
4. The stockholder proposal concerning proxy access was not approved.
For Against Abstain Broker Non-Votes
30,193,401 87,684,402 592,210 41,557,422
5. The stockholder proposal concerning majority voting in uncontested
director elections was not approved.
For Against Abstain Broker Non-Votes
40,010,024 77,889,580 570,409 41,557,422
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 Offer Letter, dated May 19, 2021, between Invitae Corporation and
Roxi Wen.
99.1 Press Release, dated June 11, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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