Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective June 7, 2021, the Board of Directors (the "Board") of iBio, Inc. (the
"Company") elected Evert B. Schimmelpennink as a Class I Director of the Board.
Mr. Schimmelpennink was appointed to the Company's Nominating and Corporate
Governance Committee of the Board. Each Class of directors is up for re-election
every three (3) years. Class I Directors are next up for election at the
Company's 2021 annual meeting of stockholders. Mr. Schimmelpennink's term as a
director will continue until such time as his successor is duly elected and
qualified or until his earlier resignation or removal.
Mr. Schimmelpennink will receive compensation that includes $40,000 in annual
fees in cash compensation, payable quarterly, and an additional $4,000 in annual
fees in cash compensation for service on the Company's Nominating and Corporate
Governance Committee of the Board, payable quarterly. In addition, on June 7,
2021 Mr. Schimmelpennink was granted a nonqualified stock options to purchase
100,000 shares of the Company's common stock, par value $0.001 per share, to
vest in equal monthly installments over a 36 month period, issued pursuant to
the iBio, Inc. 2020 Omnibus Equity Incentive Plan. Mr. Schimmelpennink will
enter into a stock option agreement in connection with the option grant. A brief
description of the qualifications and experiences of Mr. Schimmelpennink is
below.
Evert (Eef) Schimmelpennink has close to 25 years of biotech and pharmaceutical
experience and brings a proven track record in successfully building and scaling
public and private biopharmaceutical companies, securing funding around
captivating strategies, and creating patient and shareholder value. Previously,
from August 2017 to October 2020 he was the CEO of publicly listed Pfenex Inc.,
which he led through a turnaround and its first FDA approval resulting in an
acquisition by Ligand Pharmaceuticals Inc. in late 2020. From November 13, 2019
until its sale, Mr. Schimmelpennink also served as the acting Principal
Financial Officer and Principal Accounting Officer of Pfenex Inc. From October
2015 to July 2017, Mr. Schimmelpennink was CEO of privately held Alvotech, where
he led the company through a critical growth phase, and aligned R&D,
manufacturing and commercial capabilities across a portfolio of monoclonal
antibodies. Prior to that, he held senior positions at Pfizer Inc. and Hospira,
Inc. within their global specialty injectables businesses, as well as Synthon
BV. Mr. Schimmelpennink earned a M.Sc. in bioprocess engineering from the
University of Wageningen in the Netherlands and a Business Degree from the
Arnhem Business School.
There are no family relationships between the above named director and any other
director or executive officer of the Company, nor has any direct or indirect
material interest in any transaction required to be disclosed pursuant to Item
404(a) of Regulation S-K.
Item 8.01. Other Events
On June 7, 2021, the Company issued press releases announcing the appointment of
Mr. Schimmelpennink. A copy of the press release is attached hereto as Exhibits
99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this Current Report on Form 8-K:
Exhibit
Number Description
10.1 Director Offer Letter
99.1 Press Release issued by iBio, Inc. on June 7, 2021
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IBIO, INC. 