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    PCVX   US92243G1085

VAXCYTE, INC.

(PCVX)
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VAXCYTE, INC. : Change in Directors or Principal Officers (form 8-K)

10/28/2021 | 11:02am EST

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

On October 26, 2021, upon recommendation of the Nominating and Corporate Governance Committee, the Board of Directors (the "Board") of Vaxcyte, Inc. (the "Company") appointed Carlos V. Paya, M.D., Ph.D. to the Board as a Class I director and Michael Kamarck, Ph.D. to the Board as a Class III director, which appointments became effective on October 27, 2021. Dr. Paya's and Dr. Kamarck's terms will expire at the Company's annual meetings of stockholders in 2024 and 2023, respectively. The Board also appointed Dr. Paya to serve as Chair of the Board.

There are no arrangements or understandings between Dr. Paya, Dr. Kamarck and any other persons pursuant to which they were selected as directors. The Board has determined that Dr. Paya and Dr. Kamarck qualify as independent directors under the independence requirements set forth under Rule 5605(a)(2) of the Nasdaq Rules and listing standards. Additionally, there are no transactions involving the Company and Dr. Paya or Dr. Kamarck that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

In connection with their appointments to the Board and pursuant to the Company's Non-Employee Director Compensation Policy as currently in effect, Dr. Paya and Dr. Kamarck each received initial equity awards of nonstatutory stock options to purchase 30,000 shares of the Company's common stock (each, an "Initial Grant"). Each Initial Grant will vest over 36 months, 1/3 of which will vest on the anniversary date on which Dr. Paya and Dr. Kamarck were appointed to the Board and 1/36 of which will vest monthly thereafter, subject to Dr. Paya's and Dr. Kamarck's continuous service to the Company through each such date. Each Initial Grant is subject to the terms and conditions of the Company's 2020 Equity Incentive Plan and its related agreements.

On the date of each annual meeting of stockholders, Dr. Paya and Dr. Kamarck will each also receive a nonstatutory stock option to purchase 15,000 shares of the Company's common stock (each, an "Annual Grant"). Each Annual Grant will vest monthly and fully vest on the earlier of the first anniversary of the grant date or the day prior to the next annual meeting of stockholders, subject to Dr. Paya's and Dr. Kamarck's continuous service to the Company through each such date. Both the Initial Grants and the Annual Grants would become fully vested upon a change in control, subject to Dr. Paya's and Dr. Kamarck's continuous service to the Company through such date.

Pursuant to the Company's Non-Employee Director Compensation Policy, Dr. Paya and Dr. Kamarck will also each receive an annual cash retainer of $40,000. Dr. Paya will receive an additional annual cash retainer of $30,000 per year for service as Chairman of the Board.

The Company has entered into its standard form of indemnification agreement with Dr. Paya and Dr. Kamarck.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 - - -
Net income 2021 -100 M - -
Net Debt 2021 - - -
P/E ratio 2021 -9,25x
Yield 2021 -
Capitalization 965 M 965 M -
Capi. / Sales 2021 -
Capi. / Sales 2022 965x
Nbr of Employees 58
Free-Float -
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Mean consensus BUY
Number of Analysts 4
Last Close Price 17,46 $
Average target price 50,50 $
Spread / Average Target 189%
EPS Revisions
Managers and Directors
Grant E. Pickering Chief Executive Officer & Director
Andrew L. Guggenhime President & Chief Financial Officer
Carlos V. Paya Chairman
Romulo Colindres Chief Medical Officer
Jim Wassil Chief Operating Officer
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