Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 13, 2021, the Board of Directors (the 'Board') of Jounce Therapeutics, Inc. (the 'Company'), appointed Jigar Raythatha as a director and as a member of the Compensation Committee and the Nominating and Corporate Governance Committee of the Board, effective immediately. Mr. Raythatha has been designated as a Class III director to serve in accordance with the Company's Amended and Restated By-Laws until the Company's 2023 Annual Meeting of Stockholders or until his successor has been duly elected and qualified, or until his earlier death, removal or resignation.
Mr. Raythatha served as the president and chief executive officer and a member of the Board of Directors of Constellation Pharmaceuticals, Inc., a public pharmaceutical company, from March 2017 until its acquisition by MorphoSys AG in July 2021. Mr. Raythatha previously served as chief business officer of the Company from December 2012 until February 2017. He earned an M.B.A. from Columbia University and a B.A. in biochemistry and economics from Rutgers University.
In accordance with the Company's non-employee director compensation policy, Mr. Raythatha will receive annual cash compensation of $35,000 as a member of the Board, $6,000 as a member of the Compensation Committee of the Board and $4,000 as a member of the Nominating and Corporate Governance Committee of the Board, as well as reimbursement for reasonable travel and other expenses incurred in connection with attending meetings of the Board and committees thereof. He was granted an option to purchase 31,400 shares of the Company's common stock, par value $0.001 per share, with an exercise price equal to the closing price of the Company's common stock on the Nasdaq Global Select Market on the date of his appointment, which option will vest in equal quarterly installments during the twelve quarters following the grant date, subject to Mr. Raythatha's continued service on the Board. Mr. Raythatha also will enter into a standard form of indemnification agreement with the Company, in the form that is filed as Exhibit 10.12 to the Company's Registration Statement on Form S-1 (File No. 333-215372), filed with the Securities and Exchange Commission on December 30, 2016.
In addition, on September 9, 2021, Cary Pfeffer, a Class III director, notified the Company of his resignation from the Board of Directors, effective as December 31, 2021.
There are no arrangements or understandings between Mr. Raythatha and any other person pursuant to which Mr. Raythatha was elected as a director. There are no transactions in which Mr. Raythatha has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Jounce Therapeutics Inc. published this content on 15 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2021 12:21:05 UTC.