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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 9, 2020, the Governance, Nominating and Compensation Committee (the “Compensation Committee”) of the Board of Directors of Brainstorm Cell Therapeutics Inc. (the “Company”) approved a discretionary cash bonus payment to Chaim Lebovits, the Company’s President and Chief Executive Officer, in the aggregate amount of $600,000, in recognition of his efforts in connection with the Company’s achievements during 2019 and early 2020, including with respect to financing activities, regulatory matters and clinical trials, and operational and management performance.
Item 8.01 Other Events.
On March 9, 2020, the Compensation Committee authorized a grant to Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, of a stock option under the Company’s 2014 Stock Incentive Plan, to purchase up to 80,000 shares of Company common stock, at an exercise price per share equal to the fair market value on the date of grant, as determined based on the closing price per share of Company common stock on the date of grant during normal trading hours according to Nasdaq. The option becomes vested and exercisable as to 25% of the number of shares on each of the first four anniversaries of the grant date until fully vested and exercisable on the fourth anniversary of the grant date.
On March 9, 2020, the Compensation Committee authorized the grant, to and in accordance with the terms of the Company’s 2014 Stock Incentive Plan or 2014 Global Share Option Plan (as applicable), of options to purchase up to an aggregate of 350,000 shares (approximately 250,000 shares for junior and mid-level Israeli employees and approximately 100,000 shares for US mid-level employees and managers, and in each case up to 20,000 shares per employee) of Company common stock to employees of the Company and its subsidiaries on the dates and in amounts to be designated by the Company’s Chief Executive Officer, at an exercise price at least equal to the closing price of Company common stock on the date of grant during normal trading hours according to Nasdaq. The Company anticipates that the employee grants will be issued at an exercise price of $7.33 per share, the closing price on March 9, 2020. The options will become vested and exercisable as to 25% of the number of shares on each of the first four anniversaries of the grant date until fully vested and exercisable on the fourth anniversary of the grant date.
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.
