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DEF 14A 1 imvt-20210331defproxy.htm DEF 14A Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

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Securities Exchange Act of 1934

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	Page
QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING		1
PROPOSAL NO. 1 ELECTION OF DIRECTORS		6
INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE		9
PROPOSAL NO. 2 RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		15
PROPOSAL NO. 3 NON-BINDING ADVISORY VOTE ON FREQUENCY OF EXECUTIVE COMPENSATION VOTES		17
PROPOSAL NO. 4 APPROVAL OF THE REPRICING OF CERTAIN OUTSTANDING STOCK OPTIONS GRANTED UNDER THE 2019 EQUITY INCENTIVE PLAN		18
EXECUTIVE OFFICERS		22
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT		23
EXECUTIVE COMPENSATION		25
EQUITY COMPENSATION PLANS AT MARCH 31, 2021		31
DIRECTOR COMPENSATION		32
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS		34
HOUSEHOLDING OF PROXY MATERIALS		37
OTHER MATTERS		38


	Year Ended March 31,
	2021		2020
	(in thousands)
Audit Fees(1)	$	925	$	977
Audit-Related Fees		—		—
Tax Fees		—		—
All Other Fees		—		—
Total Fees	$	925	$	977


Exercise Price Range	Number of Shares subject to Eligible Options	Weighted Average Exercise Price		Weighted Average Remaining Term (in years)
$10.71 - $20.00	2,209,760	$	16.51	9.4
$20.01 - $30.00	128,500	$	25.99	9.0
$30.01 - $40.00	71,300	$	36.60	9.2
$40.01 - $50.67	186,890	$	45.09	9.3
Total	2,596,450	$	19.59	9.3


Name of Individual or Group	Number of Shares Subject to Total Options (2018 Plan and 2019 Plan)	Number of Shares Subject to Eligible Options (2019 Plan)		Percentage of Total Outstanding Options Eligible for Repricing	Weighted Average Exercise Price of Eligible Options
Peter Salzmann, M.D., M.B.A.	2,374,443		895,400	38%	$	17.97
Pamela Yanchik Connealy, M.B.A.(1)	—		—	—		—
Julia G. Butchko, Ph.D.	944,388		510,800	54%	$	18.26
William L. Macias, M.D., Ph.D.	369,320		369,320	100%	$	10.71
Michael J. Elliott, M.B.B.S., Ph.D., FRACP(2)	—		—	—		—
Rita Jain, M.D.(3)	—		—	—		—
All current executive officers, as a group	3,688,151		1,775,520	48%	$	16.54
All current employees who are not executive officers, as a group	894,938		820,930	92%	$	26.18


	Beneficial Ownership
Beneficial Owner	Number of Shares		Percent of Total
5% Stockholder
Roivant Sciences Ltd.(1)		56,377,388		57.5%
Entities affiliated with RTW(2)		7,592,253		7.7
Named Executive Officers and Directors
Peter Salzmann, M.D., M.B.A.(3)		975,527		*
Pamela Yanchik Connealy, M.B.A.(4)		246,100		*
Julia G. Butchko, Ph.D.(5)		301,260		*
Michael J. Elliott, M.B.B.S., Ph.D., FRACP		—		—
Rita Jain, M.D.		—		—
Frank M. Torti, M.D. (6)		125,353		*
Andrew Fromkin(7)		61,202		*
Douglas Hughes(8)		61,202		*
George Migausky(9)		55,475		*
Atul Pande, M.D. (10)		61,202		*
Eric Venker, M.D.		—		—
All current directors and executive officers as a group (12 individuals)		1,887,321		1.9


Name and Principal Position	Fiscal Year	Salary	Bonus(1)	Stock Awards(2)	Option Awards(2)	Non-Equity Incentive Plan Compensation(3)	All Other Compensation	Total
Peter Salzmann, M.D., M.B.A.	2020	$ 567,000	$ 311,850	$ 3,252,500(4)	$ 11,104,950	$ —	$ 139,004(5)	$ 15,375,304
Chief Executive Officer	2019	361,010	500,000(6)	—	7,721,344	224,480(7)	—	8,806,834

Pamela Yanchik Connealy, M.B.A.	2020	393,000	157,200	785,400	4,258,363	—	8,742	5,602,705
Chief Financial Officer (10)	2019	147,618	—	—	2,437,762	61,233(7)	129,321(8)	2,775,934

Julia G. Butchko, Ph.D.	2020	372,000	148,800	926,500	6,384,856	—	10,201(9)	7,842,357
Chief Development and Technology Officer

Michael J. Elliott,(11)	2020	242,425	96,000	1,659,200	14,229,311	—	9,695	16,236,631
M.B.B.S., Ph.D., FRACP Former Chief Scientific Officer

Rita Jain, M.D.(12) Former Chief Medical Officer	2020	101,137	38,526	2,703,005	10,666,997	—	3,319	13,512,984


	Option Awards						Stock Awards
Name		Grant Date	Number of Securities Underlying Unexercised Options (#) Exercisable	Number of Securities Underlying Unexercised Options (#) Unexercisable	Option Exercise Price	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares of Stock That Have Not Vested(1)
Peter Salzmann, M.D., M.B.A.		06/20/2019	647,081	831,962(2)	$ 7.86	06/19/2029
Chief Executive Officer		05/15/2020	—	430,700(3)	19.01	05/14/2030
		01/21/2021	—	—	—	—	25,000(4)	$962,500(5)
		03/19/2021	—	464,700(3)	17.00	03/18/2031	132,500(6)	2,125,300

Pamela Yanchik Connealy,		11/20/2019	135,496	298,092(2)	8.43	11/19/2029
M.B.A.(8)		05/15/2020	—	180,500(3)	19.01	05/14/2030
Chief Financial Officer		03/19/2021	—	162,000(3)	17.00	03/18/2031	46,200(6)	741,048

Julia G. Butchko, Ph.D.		11/20/2019	135,496	298,092(2)	8.43	11/19/2029
Chief Development and		05/15/2020	—	319,700(3)	19.01	05/14/2030
Technology Officer		03/19/2021	—	191,100(3)	17.00	03/18/2031	54,500(6)	874,180

Michael J. Elliott, M.B.B.S., Ph.D., FRACP(9)		09/04/2020	—	400,000(2)	36.00	09/03/2030
Former Chief Scientific Officer		03/19/2021	—	342,300(3)	17.00	03/18/2031	97,600(6)	1,565,504

Rita Jain, M.D.(11)		01/22/2021	—	220,000(2)	42.19	01/22/2031	20,000(7)	320,800
Former Chief Medical Officer		03/19/2021	—	342,300(3)	17.00	03/18/2031	97,600(6)	1,565,504
		03/19/2021	—	—	—	—	11,765(10)	188,711


Plan Category	Number of securities to be issued upon exercise of outstanding stock options, warrants and rights (a)	Weighted- average exercise price of outstanding stock options, warrants and rights (b)		Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders(1)	9,084,675	$	16.97	1,781,043	(2)(3)
Equity compensation plans not approved by security holders	—		—	—
Total	9,084,675	$	16.97	1,781,043


Name	Fees Earned or Paid in Cash(1)			Stock Awards(2)(3)		Option Awards(2)(3)			All Other Compensation		Total
Frank M. Torti, M.D., M.B.A.(4)		$	97,500	$	866,284		$	864,238	$	—		$	1,828,022
Andrew Fromkin(5)		74,011		733,047			730,034		—			1,537,092
Douglas Hughes(5)		66,250		733,047			730,034		—			1,529,331
George Migausky(5)		67,500		733,047			730,034		—			1,530,581
Atul Pande, M.D.(5)		59,740		733,047			730,034		45,750(6)			1,568,571
Eric Venker, M.D., Pharm.D.		—		—			—		—			—


Name	RSUs	Number of Shares Underlying Options
Frank M. Torti, M.D., M.B.A.	47,600		225,263
Andrew Fromkin	40,200		137,481
Douglas Hughes	40,200		137,481
George Migausky	40,200		60,300
Atul Pande, M.D.	40,200		137,481
Eric Venker, M.D., Pharm.D.	—		—


Board Committee	Chairperson Fee		Member Fee
Audit Committee	$	17,500	$	8,800
Compensation Committee		15,000		7,500
Nominating and Corporate Governance Committee		10,000		5,000