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
As described below in Item 5.07 of this Current Report on Form 8-K, at its Annual Meeting of Shareholders held on April 27, 2022 (the “Annual Meeting”), the shareholders of Vericel Corporation, a Michigan corporation (the “Company”) approved the Vericel Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”). The Company’s Board of Directors (the “Board”) approved the 2022 Plan on February 16, 2022, subject to and effective upon approval by the shareholders at the Annual Meeting. The 2022 Plan became effective upon receipt of the requisite shareholder approval on April 27, 2022 (the “Effective Date”). The number of shares of the Company’s common stock reserved for issuance under the 2022 Plan is 5,572,710.
A summary of the material terms of the 2022 Plan is set forth in Proposal 4 contained in the Company’s Definitive Proxy Statement for the Annual Meeting filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2022 and is incorporated herein by reference. That summary is qualified in its entirety by the full text of the 2022 Plan, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Annual Meeting, the shareholders of the Company voted on the following matters, which are described in detail in the Company’s Definitive Proxy Statement filed with the SEC on March 17, 2022: (i) to elect each of Robert Zerbe, Alan Rubino, Heidi Hagen, Steven Gilman, Kevin McLaughlin, Paul Wotton, Lisa Wright and Dominick Colangelo as a director of the Company to serve for a one-year term expiring at the Company’s 2023 annual meeting of shareholders and until his or her successor has been elected and qualified (“Proposal 1”), (ii) to approve, on a non-binding advisory basis, the compensation of the named executive officers of the Company (“Proposal 2”), (iii) to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022 (“Proposal 3”), and (iv) to approve the adoption of the Company’s 2022 Plan (“Proposal 4”).
The Company’s shareholders approved the nominees recommended for election in Proposal 1 at the Annual Meeting.
Shareholders voted for directors as follows:
| Nominee | For | Abstain/Withheld | Broker Non-Votes | |||||||||
| Robert Zerbe | 38,958,523 | 1,425,070 | 2,777,329 | |||||||||
| Alan Rubino | 38,584,758 | 1,798,835 | 2,777,329 | |||||||||
| Heidi Hagen | 35,997,602 | 4,385,991 | 2,777,329 | |||||||||
| Steven Gilman | 39,146,355 | 1,237,238 | 2,777,329 | |||||||||
| Kevin McLaughlin | 39,407,989 | 975,604 | 2,777,329 | |||||||||
| Paul Wotton | 36,475,774 | 3,907,819 | 2,777,329 | |||||||||
| Lisa Wright | 39,990,667 | 392,926 | 2,777,329 | |||||||||
| Dominick Colangelo | 39,415,984 | 967,609 | 2,777,329 | |||||||||
The Company’s shareholders approved, on a non-binding advisory basis, Proposal 2 on the compensation of the Company’s named executive officers. The votes cast at the Annual Meeting were as follows:
| Votes For | Votes Against | Abstentions | Broker Non-Votes | |||||||||||
| 34,787,364 | 5,495,748 | 100,481 | 2,777,329 | |||||||||||
The Company’s shareholders approved Proposal 3 to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered accounting firm for the fiscal year ending December 31, 2022. The votes cast at the Annual Meeting were as follows:
| Votes For | Votes Against | Abstentions | ||||||||
| 41,987,286 | 1,125,036 | 48,600 | ||||||||
The Company’s shareholders approved Proposal 4 on the adoption of the Company’s 2022 Plan. The votes cast at the Annual Meeting were as follows:
| Votes For | Votes Against | Abstentions | Broker Non-Votes | |||||||||||
| 34,192,816 | 6,159,482 | 31,295 | 2,777,329 | |||||||||||
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1** | Vericel Corporation 2022 Omnibus Incentive Plan | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL) |
** Filed herewith
EXHIBIT INDEX
| Exhibit No. | Description | |
| 10.1** | Vericel Corporation 2022 Omnibus Incentive Plan | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL) |
** Filed herewith
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.
| Vericel Corporation | ||
| Date: April 29, 2022 | By: | /s/ Sean C. Flynn |
| Name: Sean C. Flynn | ||
| Title: Senior Vice President, General Counsel and Secretary | ||