8K:
Item 1.01. Entry into a Material Definitive Agreement.
On September 20, 2016, Corbus Pharmaceuticals Holdings, Inc. (the “Company”) entered into a consulting agreement (the “Consulting Agreement”) with Orchestra Medical Ventures, LLC, a Delaware limited liability company (“Orchestra”), a healthcare investment management firm, pursuant to which Orchestra will provide consulting and advisory services related to identifying and evaluating strategic relationships, licensing opportunities and business strategies for the Company. David Hochman, a member of the Company’s Board of Directors, is the Managing Partner of Orchestra.
The term of the Consulting Agreement will commence on September 20, 2016 and expire on March 20, 2017, subject to renewal upon mutual agreement of the parties. Pursuant to the terms of the Consulting Agreement, the Company will pay to Orchestra cash compensation in an aggregate amount of $100,000, payable in equal monthly installments. In addition, as approved by the Company’s Compensation Committee, effective as of September 16, 2016, the Company granted an equity incentive award to Orchestra consisting of options to purchase 50,000 shares (the “Option Shares”) of the Company’s common stock, par value $0.0001 per share, (the “Option Award”) pursuant to the Company’s 2014 Equity Compensation Plan (the “Plan”). The Option Award shall be made in accordance with the terms of the Plan and fifty percent (50%) of the Option Shares will vest on the three (3) month anniversary of the date of grant of the Option Award with the remainder of the Option Shares vesting on the six (6) month anniversary of the date of grant of the Option Award.
The foregoing summary of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the Consulting Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report.
