Company: ACHV
Filing Date: 2025-01-10
Form Type: 8-K
Source: 0000950170-25-003873
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Company: ACHIEVE LIFE SCIENCES, INC.
Filing Date: 2025-01-10
Form: 8-K
Item: Item 5.02
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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

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On January 6, 2025, Dr. Vaughn Himes informed the board of directors (the “ Board”) of Achieve Life Sciences, Inc. (the “ Company”), that he has elected to resign from his position as a member of the Board, effective immediately. Dr. Himes will continue to provide consulting services to the Company. Dr. Himes’ resignation from the Board was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On January 6, 2025, the Board appointed each of Nancy R. Phelan and Kristen B. Slaoui, Ph. D. (together, the “ Incoming Directors”) to serve as a director of the Company, effective January 6, 2025.

The Incoming Directors’ compensation will be as provided under the Company’s non-employee director compensation program (the “ Non-Employee Director Compensation Program”). In connection with their appointments as non-employee directors of the Board and consistent with the Non-Employee Director Compensation Program, each of the Incoming Directors will receive a $40,000 annual retainer for service as a non-employee director for the Company’s fiscal year ending December 31, 2025. In addition, consistent with the Non-Employee Director Compensation Program, the Board granted to each of the Incoming Directors, effective as of January 13, 2025 (the “ Grant Date”), a stock option to purchase 47,250 shares of the Company’s common stock, par value $0.001 per share (the “ Common Stock”), at an exercise price equal to the closing sale price of the Common Stock on the Grant Date, as reported by the Nasdaq Capital Market, which will vest monthly over three years, subject to continued service as a director on the Board or employee or consultant of the Company. Each of the Incoming Directors will also be entitled to receive the customary annual equity compensation paid to non-employee directors on the date of each annual meeting of stockholders, which as currently constituted under the Non-Employee Director Compensation Program, shall consist of a stock option to purchase 31,500 shares of Common Stock, which will vest in full on the earlier of the first anniversary of the date of grant or the date immediately prior to the Company’s next annual meeting of stockholders, subject to continued service as