UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 7, 2022, the Board of Directors (the “Board”) of InVivo Therapeutics Holdings Corp. (the “Company”) amended the Company’s Transaction Incentive Plan, which was previously approved by the Board on August 11, 2021 (the “Amended Plan”). The Board extended the term of the Amended Plan by one (1) year through August 11, 2023, subject to the right of the Board to extend the effectiveness of the Amended Plan at its sole discretion. Under the Amended Plan, eligible participants, including each of Dr. Richard Toselli, our Chief Executive Officer, and Richard Christopher, our Chief Financial Officer, are entitled to receive a predefined percentage of the Transaction Consideration (as defined in the Amended Plan) paid in connection with a Company Acquisition (as defined in the Amended Plan), minus the value of vested equity held by such participant. Pursuant to the Amended Plan, the percentage interests for Dr. Toselli and Mr. Christopher are set at 3.5% and 1.25%, respectively.
The above description of the Amended Plan is qualified in its entirety by reference to the full text of the Amended Plan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Transaction Incentive Plan, as amended on July 7, 2022 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INVIVO THERAPEUTICS HOLDINGS CORP. | ||
| Date: July 12, 2022 | By: | /s/ Richard Toselli |
| Name: | Richard Toselli, M.D. | |
| Title: | Chief Executive Officer | |