iRhythm Technologies, Inc. (NASDAQ:IRTC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of Director; Appointment of Committee Members
On July 17, 2017, the Board of Directors (the “Board”) of iRhythm Technologies, Inc. (the “Company”) elected Bruce G. Bodaken and Ralph Snyderman to the Board, effective immediately. Dr. Snyderman and Mr. Bodaken will serve in the class of directors whose term expires at the annual meeting of stockholders to be held in 2019. In addition, the Board appointed Mr. Bodaken as a Chairman of the Compensation Committee of the Board and Dr. Snyderman as a member of the Audit Committee of the Board, effective July 17, 2017.
Mr. Bodaken, age 65, is a member of the faculty at University of California, Berkeley, in the Division of Health Policy Management. Mr. Bodaken served as Chairman and CEO of Blue Shield of California from 2000 to 2012, where he was responsible for strategy and management of California’s third largest insurer, with $10 billion in revenue. Prior to that, Mr. Bodaken served as Blue Shield of California’s President and COO from 1996 to 2000. He has been on the board of directors of Rite Aid Corporation since May 2013 and on the board of directors of Wageworks, Inc. since September 2005. Mr. Bodaken holds a M.A. from the University of Colorado and a B.A. from Colorado State University.
Dr. Snyderman, M.D., age 77, is Chancellor Emeritus, James B. Duke Professor of Medicine, and Director of the Center for Research on Personalized Health Care at Duke University. From 1989 to 2004, he served as Chancellor for Health Affairs at Duke and was the founding CEO and President of the Duke University Health System. He was a venture partner with New Enterprise Associates from 2006 to 2009. He previously served on the boards of directors of The Procter and Gamble Company, Pharmaceutical Product Development, LLC (PPD), Trevena, Inc., Crescendo Bioscience, Inc. and Targacept, Inc. He currently serves on the boards of CareDx, Inc., Liquida Technologies, Inc., Purdue Pharma L.P., Sengenix, Inc., Linus Oncology, Inc., Veritas Collaborative Holdings, and Essential Health Solutions, Inc. Dr. Snyderman is a member of the Association of American Physicians, where he served as president from 2003 to 2004, the Association of American Medical Colleges, where he served as chair from 2001 to 2002, the National Academy of Medicine and the American Academy of Arts & Sciences. Dr. Snyderman holds a B.S. in Pre-Medical Studies from Washington College, an M.D. from the State University of New York, Downstate Medical Center, and completed an internship and residency in Medicine at Duke University.
In connection with the election of Dr. Snyderman and Mr. Bodaken to the Board, on July 17, 2017, each of Dr. Snyderman and Mr. Bodaken was granted a stock option award to purchase 4,089 shares of the Company’s common stock and a restricted stock unit award covering 1,949 shares of the Company’s common stock. The stock option awards will vest as to 1/36th of the shares subject to the award on each monthly anniversary of the grant date, subject to the continued service of each director on the Board on each applicable vesting date. The restricted stock unit awards will vest over a three-year period with 1/3rd of the restricted stock units scheduled to vest on each of the first three anniversaries of the grant date, subject to the continued service on the Board on each applicable vesting date. The stock option awards and restricted stock unit awards are each subject to the terms and conditions of the Company’s 2016 Equity Incentive Plan and its related grant agreements. As a director, each of Dr. Snyderman and Mr. Bodaken will participate in the compensation program applicable to all non-employee directors, which is described under the heading “Director Compensation” in the Company’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 27, 2017.
Dr. Snyderman and Mr. Bodaken also executed the Company’s standard form of indemnification agreement, a copy of which has been filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (File No. 333-213773) filed with the Securities and Exchange Commission on September 23, 2016.
There are no arrangements or understandings between Dr. Snyderman and Mr. Bodaken and any other persons to which Dr. Snyderman and Mr. Bodaken were elected as directors.
On July 19, 2017, the Company issued a press release announcing appointment of Dr. Snyderman and
Mr. Bodaken to the Board as directors. The press release is attached hereto as Exhibit 99.1.
Financial Statements and Exhibits.
Press Release issued by iRhythm Technologies, Inc. dated July 19, 2017.
iRhythm Technologies, Inc. ExhibitEX-99.1 2 irtc-ex991_15.htm EX-99.1 irtc-ex991_15.htm iRhythm Technologies Names UC Berkeley Faculty Member Bruce G. Bodaken and Duke University Chancellor Emeritus Ralph Snyderman,…To view the full exhibit click
About iRhythm Technologies, Inc. (NASDAQ:IRTC)
iRhythm Technologies, Inc. is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report. Its myZIO provides a way for patients to enter their symptoms as they occur and on-the-go while wearing the ZIO Patch. Its ZIO Event Card is indicated for use on patients who experience transient symptoms, such as syncope, palpitations, and shortness of breath or dizziness. Its ZIO XT Patch is a non-invasive, water-resistant heart monitor, which prompts high patient compliance and a higher diagnostic yield. Its algorithms analyze the amounts of captured heart beat data and a concise report is provided to the patient’s physician. Its ZIO Report produces a higher diagnostic yield and to change patient management.