Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 1, 2018, the Board of Directors (the “Board”) of Brainstorm Cell Therapeutics Inc. (the “Company”) elected Anthony J. Polverino, Ph.D. to serve as an independent member of the Board, effective February 1, 2018.
Dr.Polverino will receive the following compensation for his service on the Board: an annual cash payment in the amount of $12,500, paid in biannual installments, and an annual restricted stock award (the “Grant”) valued at $12,500 on his date of initial election to the Board, and annual thereafter, as determined based on the closing price of the Company’s common stock at the end of normal trading hours on the date of grant, or the previous closing price in the event the grant date does not fall on a business day. The Grant will vest in 12 consecutive, equal monthly installments commencing on the one-month anniversary of the date of grant, until fully vested on the first anniversary of the date of grant, provided Dr. Polverino remains a director of the Company on each such vesting date. Dr. Polverino will not receive annual director awards under the Company’s Second Amended and Restated Director Compensation Plan (the “Director Compensation Plan”), however, if Dr. Polverino serves as a member of any committee of the Board he will be entitled to committee compensation under the Director Compensation Plan. Dr. Polverino has not been appointed to any Board committee at this time.
On February 1, 2018, Dr. Robert Shorr resigned from the Board, effective February 1, 2018. Dr. Shorr served on the Governance, Nominating and Compensation Committee of the Board prior to his resignation.
About Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI)
Brainstorm Cell Therapeutics Inc. is a biotechnology company. The Company is engaged in developing adult stem cell therapies for debilitating neurodegenerative disorders, such as Amyotrophic Lateral Sclerosis (ALS, also known as Lou Gehrig’s disease), Multiple Sclerosis (MS) and Parkinson’s disease (PD), among others. Its subsidiary, Brainstorm Cell Therapeutics Ltd. (the Israeli Subsidiary), holds rights to commercialize the technology, NurOwn. NurOwn is in clinical development for the treatment of ALS. The Company has completed over two clinical trials of NurOwn in patients with ALS at Hadassah Medical Center (Hadassah). The first study, a Phase I/II safety and efficacy study of NurOwn in ALS patients administered either intramuscularly or intrathecally. The Company conducted Phase IIa combined (intramuscular and intrathecal) treatment, dose-escalating trial. It had completed treatment of over 10 patients in its ALS Phase IIa NurOwn dose-escalating clinical trial.
