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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The board of directors (the “Board”) of ReWalk Robotics Ltd. (the “Company,” “we” or “us”) appointed sitting director Mr. Wayne Weisman to the Company’s audit committee (the “Audit Committee”), effective March 15, 2020. As a Class II director, Mr. Weisman’s appointment will last until the Company’s annual shareholders meeting to be held in 2022 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. Peter Wehrly, who, as previously disclosed, informed the Board on March 2, 2020 that he would step down from the Board and the Audit Committee effective March 15, 2020.
The Board has determined that Mr. Weisman satisfies the applicable audit committee independence requirements of the Nasdaq Capital Market (“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). Following the change in Board composition, the Company continues to have a three-member, fully independent audit committee under Rule 10A-3(b)(1) of the Exchange Act and Nasdaq’s corporate governance rules, and continues to have a majority independent Board as required by Nasdaq’s corporate governance rules.
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, which includes an annual retainer of approximately $20,000 and payments of up to NIS 3,300 per meeting. For information on transactions in which Mr. Weisman has an interest requiring disclosure under Item 404(a) of Regulation S-K, see the information under the headings “Certain Relationships and Related Party Transactions” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on February 19, 2019.
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.
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