PLURISTEM THERAPEUTICS INC. (NASDAQ:PSTI) 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 Certain Officers; Compensatory Arrangements of Certain Officers.
PLURISTEM THERAPEUTICS INC. (NASDAQ:PSTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 21, 2017, the Board of Directors of the registrant (the “Board”), in connection with the recent appointment of Mr. Yaky Yanay as Co-Chief Executive Officer, increased the annual base salary of Mr. Yanay, the registrant’s current Co- Chief Executive Officer and President, from NIS 637,500 (approximately $177,000) to NIS 960,000 (approximately $267,000), effective July 1, 2017. Mr. Yanay will also receive an annual fee of $20,000 for his services as a director of the registrant. In addition, as part of the registrant’s executive retention program, the Board agreed to issue Mr. Yanay a restricted stock grant of an aggregate of 2,000,000 shares of the registrant’s common stock, of which 1,000,000 shares were issued to the registrant’s existing 2016 Equity Compensation Plan (the “2016 Plan”) and 1,000,000 shares were issued to the registrant’s Amended and Restated 2005 Stock Option Plan (the “2005 Plan).
In addition, on June 21, 2017, as part of the registrant’s executive retention program, the Board agreed to issue Mr. Zami Aberman, the registrant’s Co-Chief Executive Officer and Chairman, a restricted stock grant of an aggregate of 2,000,000 shares of the registrant’s common stock, of which 1,000,000 shares were issued to the 2016 Plan and 1,000,000 shares were issued to the 2005 Plan.
Mr. Yanay and Mr. Aberman’s grants will vest over a 4 year period as follows: 12.5% of the shares vest on the 6 month anniversary of the date of grant with the remaining shares vesting in 14 equal installments every 3 months thereafter.
About PLURISTEM THERAPEUTICS INC. (NASDAQ:PSTI)
Pluristem Therapeutics Inc. is a developer of placenta-based cell therapy product candidates for the treatment of multiple ischemic, inflammatory and hematologic conditions. The Company’s lead indications are critical limb ischemia (CLI), recovery after surgery for femoral neck fracture and acute radiation syndrome. Its operations are focused on the research, development, clinical trials and manufacturing of cell therapeutics and related technologies. The Company’s products include PLX-PAD and PLX R18. The Company’s PLX cells are adherent stromal cells (ASCs) that are expanded using a three dimensional (3D) process. The system utilizes a synthetic scaffold to create an artificial 3D environment where placental-derived stromal cells can grow. The Company’s PLX products are administered using a standard needle and syringe. The Company’s PLX products are in clinical-stage development for multiple indications, such as cardiovascular, orthopedic, pulmonary and women’s health diseases.
Pluristem Therapeutics Inc. is a developer of placenta-based cell therapy product candidates for the treatment of multiple ischemic, inflammatory and hematologic conditions. The Company’s lead indications are critical limb ischemia (CLI), recovery after surgery for femoral neck fracture and acute radiation syndrome. Its operations are focused on the research, development, clinical trials and manufacturing of cell therapeutics and related technologies. The Company’s products include PLX-PAD and PLX R18. The Company’s PLX cells are adherent stromal cells (ASCs) that are expanded using a three dimensional (3D) process. The system utilizes a synthetic scaffold to create an artificial 3D environment where placental-derived stromal cells can grow. The Company’s PLX products are administered using a standard needle and syringe. The Company’s PLX products are in clinical-stage development for multiple indications, such as cardiovascular, orthopedic, pulmonary and women’s health diseases.
