Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 10, 2022, Gritstone bio, Inc. (the "Company") announced the
appointment of Lawrence "Larry" Corey, M.D., to the Board of Directors of the
Company, effective as of August 12, 2022. Dr. Corey is being appointed to serve
as a Class II director with a term expiring at the Company's 2023 Annual Meeting
of Stockholders. In addition, the Company announced the resignation of Richard
Heyman, Ph.D., director of the Company since 2015, from the Board. Dr. Heyman
notified the Company of his intention to resign from the Board on August 6,
2022, effective as of August 12, 2022. The resignation of Dr. Heyman was not the
result of any dispute or disagreement with the Company or the Board on any
matter relating to the operations, policies or practices of the Company. Dr.
Heyman's resignation was to focus on other pursuits. In addition, Dr. Heyman has
agreed to remain available as a consultant to the Company for a period of at
least six months following his resignation from the Board. In connection with
the resignation of Dr. Heyman, Dr. Corey was appointed to the Nominating and
Corporate Governance Committee of the Board to fill Dr. Heyman's seat, effective
as of August 12, 2022. The Board also decided that Shefali Agarwal, M.D.,
M.P.H., director of the Company, will serve as Chair of the Compensation
Committee of the Board, effective as of August 12, 2022.
As provided in the Company's Non-Employee Director Compensation Program (as
amended, the "Director Compensation Program"), Dr. Corey 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 28, 2022. Under the
Director Compensation Program, upon the effectiveness of his appointment, Dr.
Corey will automatically be granted an option to purchase 38,000 shares of the
Company's common stock (the "Initial Option") pursuant to the Company's 2018
Incentive Award Plan (as amended from time to time in accordance with its terms,
the "Incentive Award 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 exercise price per
share of the Initial Option is equal to the Fair Market Value (as such term is
defined in the Incentive Award Plan) of a share of the Company's common stock
determined pursuant to the Incentive Award Plan. Dr. Corey is also expected to
enter into the Company's standard indemnification agreement.
There are no arrangements or understandings between Dr. Corey and any other
persons pursuant to which he was selected as a director of the Company. Dr.
Corey is not a party to any transaction required to be disclosed pursuant to
Item 404(a) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
Number
99.1 Press Release dated August 10, 2022 .
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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