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
Item5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(d)
On February 26, 2017, the Board of Directors (the Board) of
Brainstorm Cell Therapeutics Inc. (the Company) increased the
size of the Board by two members and elected Dr. June S. Almenoff
and Arturo O. Araya to serve as independent directors of the
Company, effective February 26, 2017. Dr. Almenoff and Mr. Araya
were each elected to serve until their respective term expires at
the Companys next annual meeting of stockholders to be held in
2017 and until their respective successor is duly elected and
qualified, or until their earlier death, resignation or removal.
There are no understandings or arrangements between Dr. Almenoff
and any other person to which she was selected to serve as a
director of the Company and there are no reportable transactions
under Item 404(a)of Regulation S-K. Dr. Almenoff will receive the
following compensation for her service on the Board: an annual
cash award in the amount of $30,000, paid in biannual
installments. Dr. Almenoff will not receive annual director
awards under the Companys Second Amended and Restated Director
Compensation Plan (the Director Compensation Plan), but in the
event that Dr. Almenoff serves as a member of any committee of
the Board she will be entitled to committee compensation under
the Director Compensation Plan. Dr. Almenoff has not been
appointed to any Board committee at this time.
There are no understandings or arrangements between Mr. Araya and
any other person to which he was selected to serve as a director
of the Company and there are no reportable transactions under
Item 404(a)of Regulation S-K. Mr.Araya will receive the following
compensation for his service on the Board: an annual cash award
in the amount of $12,500, paid in biannual installments, and an
annual restricted stock award (the Grant) valued at $12,500 on
the date of grant, as determined based on the closing price of
the Companys 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 Mr. Araya
remains a director of the Company on each such vesting date. Mr.
Araya will not receive annual director awards under the Director
Compensation Plan, but in the event that Mr. Araya serves as a
member of any committee of the Board he will be entitled to
committee compensation under the Director Compensation Plan. Mr.
Araya has not been appointed to any Board committee at this time.
On February 27, 2017, the Company issued a press release
announcing the election of Dr. Almenoff and Mr. Araya to the
Companys Board of Directors, a copy of which is filed as Exhibit
99.1 hereto and incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press Release dated February 27, 2017. |
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. Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI) Recent Trading Information
Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI) closed its last trading session 00.00 at 4.33 with 219,803 shares trading hands.