ReWalk Robotics Ltd. (NASDAQ:RWLK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On December 27, 2017, the Board of Directors (the “Board”) of ReWalk Robotics Ltd. (the “Company”) appointed sitting director Mr. Wayne Weisman to the Company’s audit committee (the “Audit Committee”), effective December 29, 2017. As a Class II director, Mr. Weisman’s appointment will last until the Company’s annual shareholders meeting to be held in 2020 and thereafter until his respective successor is duly elected and qualified, or until his earlier death, resignation or removal from the Audit Committee or the Board. Mr. Weisman replaces Mr. Glenn Muir, who informed the Board on December 21, 2017 that he would step down from the Board and all three committees effective December 29, 2017. Mr. Muir has chosen to resign for personal reasons and not due to a disagreement with the Company.
The Board has determined that Mr. Weisman satisfies the applicable audit committee independence requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and Rule 10A-3 under the Securities Exchange Act of 1934, as amended, and is financially literate for purposes of Nasdaq listing standards. The Board has also determined that Mr. Weisman meets the financial sophistication requirements of Nasdaq listing rule 5605(c). Because Mr. Muir is an external director under Israeli law and an audit committee financial expert under the rules of the Securities and Exchange Commission (the “SEC”), the Company intends to appoint as soon as possible after Mr. Muir’s departure a new director who can meet these additional requirements, which Mr. Weisman does not satisfy.
In addition to compensation he already receives as a director on the Board, Mr. Weisman will be entitled to standard compensation available to members of the Audit Committee, as disclosed under “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the SEC on May 22, 2017 (the “2017 Proxy Statement”). For information on transactions in which Mr. Weisman has an interest requiring disclosure under Item 404(a) of Regulation S-K and certain arrangements between the Company and Mr. Weisman, see the information under the headings “Certain Relationships and Related Party Transactions,” “Director Compensation,” “Equity Compensation Plan Information” and “Security Ownership of Certain Beneficial Owners and Management” in the 2017 Proxy Statement.
About ReWalk Robotics Ltd. (NASDAQ:RWLK)
ReWalk Robotics Ltd. is a medical device company. The Company is engaged in designing, developing and commercializing exoskeletons that allow wheelchair-bound individuals with mobility impairments or other medical conditions the ability to stand and walk. The Company offers ReWalk, an exoskeleton that uses its tilt-sensor technology, and an on-board computer and motion sensors to drive motorized legs that power movement. The Company’s ReWalk designs focus on people with paraplegia, a spinal cord injury resulting in complete or incomplete paralysis of the legs, who have the use of their upper bodies and arms. The Company offers various products, which include ReWalk Personal and ReWalk Rehabilitation. The Company’s ReWalk Personal is designed for use by individuals at home and in their communities, and is custom-fit for each user. The Company’s ReWalk Rehabilitation is designed for the clinical rehabilitation environment where it provides exercise and therapy.