Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 9, 2021, the Board of Directors (the "Board") of Berkeley Lights, Inc.
(the "Company") appointed John Chiminski to the Board as a Class III director,
effective as of May 14, 2021, to serve for a term expiring at the Company's 2023
annual meeting of stockholders. Mr. Chiminski fills the seat created by the
resignation of Michael Marks, who notified the Board on May 7, 2021 of his
intention to retire from the Board effective as of May 14, 2021. The Board also
appointed Mr. Chiminski to serve as the Chairperson of the Nominating and
Corporate Governance Committee of the Board. Effective upon Mr. Marks'
retirement, the Board also appointed Greg Lucier to serve as the Chairperson of
the Board.
As provided in the Company's Non-Employee Director Compensation Program, as
amended (the "Director Compensation Program"), Mr. Chiminski will receive an
annual cash retainer of $40,000 per year and additional annual retainers for
committee service as described in the Company's Definitive Proxy Statement on
Schedule 14A filed with the Securities and Exchange Commission on April 1, 2021
(the "2021 Proxy Statement"). Under the Director Compensation Program, upon the
effectiveness of his appointment, Mr. Chiminski will be automatically granted an
option to purchase 4,900 shares of the Company's common stock (the "Initial
Option"), as well as an award of 4,900 restricted stock units (the "Initial RSU
Award"), in each case pursuant to the Company's 2020 Incentive Award Plan (the
"2020 Plan"). The Initial Option will vest in substantially equal monthly
installments for three years from the date of grant, subject to continued
service through each applicable vesting date. The Initial RSU Award will vest as
to one-third of the restricted stock units on the first anniversary of the grant
date and vest thereafter in equal quarterly installments for the following two
years, subject to continued service through each applicable vesting date. In
addition, following each annual meeting of the Company's stockholders,
Mr. Chiminski will automatically be granted an option to purchase 4,900 shares
of the Company's common stock (the "Annual Option"), as well as an award of
1,400 restricted stock units (the "Annual RSU Award"), in each case pursuant to
the 2020 Plan. Each Annual Option and Annual RSU Award will vest in full on the
earlier of the first anniversary of the date of grant or the date of the next
annual stockholder's meeting, subject to continued service through such date.
The exercise price per share of the Initial Option and each Annual Option will
equal to the fair market value of a share of the Company's common stock on the
grant date, and all annual and initial awards will vest in full upon the
consummation of a Change in Control (as defined in the 2020 Plan). The Company
also entered into the Company's standard indemnification agreement with
Mr. Chiminski. Please see the descriptions of the Company's standard
indemnification agreement and the 2020 Plan contained in the 2021 Proxy
Statement for additional information.
There are no arrangements or understandings between Mr. Chiminski, on the one
hand, and any other persons, on the other hand, pursuant to which Mr. Chiminski
was selected as a director of the Company. Mr. Chiminski is not a party to any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Marks' resignation was voluntary and did not result from any disagreement
with the Company or the Board.
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