Current Report Filing (8-k)
February 25 2021 - 5:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 19, 2021
Summit Therapeutics Inc.
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(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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001-36866
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37-1979717
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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One Broadway, 14th Floor, Cambridge, MA
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02142
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s Telephone Number, Including
Area Code: 617-514-7149
Not Applicable
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(Former Name or Former Address, If Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common stock, $0.01 par value per share
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SMMT
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
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On February 19, 2021, the Compensation Committee
of the Board of Directors (the “Committee”) of Summit Therapeutics Inc. (the “Company”) approved certain
actions with respect to the compensation of certain of the Company’s executive officers and certain employees.
2021 Bonus Structure
Following a review of its compensation practices
and procedure, the Committee resolved to establish a framework of weighting for the determination of bonus achievement for the
fiscal year December 31, 2021. Payment of individual bonuses shall generally be 70% based upon the Company’s achievement
of certain Company level targets, with the remaining 30% weighted to account for the satisfaction of other individual goals and
objectives.
2020 Cash Bonuses
The Committee awarded cash bonuses to the following
named executive officers for their performance in 2020 in the following amounts:
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·
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Michael Donaldson, Chief Financial Officer: $29,859
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·
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David Powell, Chief Scientific Officer: £34,031 ($46,453)
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SIGNATURE
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, thereunto duly
authorized.
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SUMMIT THERAPEUTICS INC.
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Date: February 25, 2021
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By:
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/s/ Michael Donaldson
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Michael Donaldson
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Chief Financial Officer
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