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VERSARTIS, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Approval of Salary and Bonus Target Increases On June 11, 2014, the Compensation Committee (the "Compensation Committee") of the Board of Directors of Versartis, Inc. (the "Company") approved (a) an increase in the base salary, (b) an increase in the target annual bonus as a percentage of salary, (c) grants of options (the "Options") and (d) grants of restricted stock units (the "RSUs") for each of the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K promulgated by the Securities and Exchange Commission), as set forth in the table below. The increases in base salary will become effective July 1, 2014. The Options and RSUs were granted pursuant to the Company's 2014 Equity Incentive Plan (the "Plan"). Bonus Named Executive Officer Title Salary Target Options RSUs Jeff Cleland Chief Executive Officer $460,000.00 50 % 100,000 (1) 30,000 (2) Joshua Brumm Chief Financial Officer $340,000.00 40 % 32,000 (1) 15,000 (2) Paul Westberg Senior Vice President, Corporate Development $280,000.00 35 % 25,000 (1) 7,500 (2) (1) The shares underlying this award shall vest as follows: 1/48th of the shares subject to the award vest monthly following the vesting commencement date, subject to the officer's continuous service on each applicable vesting date. The vesting commencement date for the awards is the date of grant. (2) The shares underlying this award shall vest as follows: 25% of the shares subject to the award shall vest on each of the first, second, third and fourth anniversaries of the vesting commencement date. The vesting commencement date of the awards is the date of grant. -------------------------------------------------------------------------------- |