New Corvus (NASDAQ: CRVS) director joins as Scott Morrison exits
Rhea-AI Filing Summary
Corvus Pharmaceuticals appointed Andrew C. Chan, M.D., Ph.D. to its Board of Directors, effective April 23, 2026. He will serve as a Class II director with a term expiring at the 2027 annual stockholder meeting and will also join the Nominating and Corporate Governance Committee.
Under the company’s non-employee director compensation program, Dr. Chan will receive a $35,000 annual cash retainer for Board service and an initial stock option for 30,000 shares of common stock under the 2016 Equity Incentive Award Plan, plus $4,000 annually for Nominating Committee service. On the same date, longtime director Scott Morrison notified the company of his resignation from the Board, effective April 23, 2026.
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Board cash retainer: $35,000 per year
Initial stock option grant: 30,000 shares
Committee cash retainer: $4,000 per year
+2 more
5 metrics
Board cash retainer
$35,000 per year
Annual retainer for Andrew Chan’s Board service
Initial stock option grant
30,000 shares
Stock option under 2016 Equity Incentive Award Plan
Committee cash retainer
$4,000 per year
Annual compensation for Nominating Committee service
Effective appointment date
April 23, 2026
Andrew Chan’s start date as director and committee member
Resignation effective date
April 23, 2026
Scott Morrison’s resignation from the Board
Key Terms
non-employee director compensation program, 2016 Equity Incentive Award Plan, Class II director, indemnification agreement
4 terms
non-employee director compensation program financial
"Pursuant to the Company’s non-employee director compensation program, as a non-employee director, Dr. Chan will receive"
2016 Equity Incentive Award Plan financial
"an automatic initial grant of a stock option to purchase 30,000 shares of Common Stock under the Company’s 2016 Equity Incentive Award Plan"
Class II director regulatory
"Dr. Chan was appointed as a Class II director with a term expiring at the 2027 annual meeting of stockholders"
A class II director is a member of a company’s board who belongs to one of several staggered groups of directors, each group standing for election in different years. For investors, this matters because staggered terms slow wholesale board turnover—like rotating members of a neighborhood committee—making sudden changes in control or strategy harder and affecting how quickly shareholders can influence corporate direction.
indemnification agreement regulatory
"Dr. Chan will enter into the Company’s standard indemnification agreement for directors and executive officers"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What board change did Corvus Pharmaceuticals (CRVS) announce?
Corvus Pharmaceuticals appointed Andrew C. Chan, M.D., Ph.D., to its Board effective April 23, 2026. He becomes a Class II director with a term expiring at the 2027 annual stockholder meeting and will also serve on the Nominating and Corporate Governance Committee.
How will new Corvus (CRVS) director Andrew Chan be compensated?
Andrew Chan will receive a $35,000 annual cash retainer for Board service and an initial stock option for 30,000 common shares under the 2016 Equity Incentive Award Plan. He also earns $4,000 annually for serving on the Nominating and Corporate Governance Committee.
What equity award did Corvus (CRVS) grant to its new director?
Corvus granted Andrew Chan an automatic initial stock option to purchase 30,000 shares of common stock. The option is issued under the company’s 2016 Equity Incentive Award Plan and aligns with its standard non-employee director compensation program disclosed in prior SEC filings.
Which Corvus Pharmaceuticals (CRVS) director resigned from the board?
Scott Morrison delivered notice of his intention to resign from the Corvus Board, effective April 23, 2026. The company acknowledged his over a decade of service and his leadership role as Chairperson of the Audit Committee during his tenure.
What committee assignment did Andrew Chan receive at Corvus (CRVS)?
Andrew Chan was appointed to the Nominating and Corporate Governance Committee effective April 23, 2026. For this committee role, he will receive additional annual cash compensation of $4,000, earned on a quarterly basis and prorated for the current calendar quarter.