RIGEL PHARMACEUTICALS,INC. (NASDAQ:RIGL) 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.
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On May24, 2018, Dean Schorno was appointed to serve as the Chief Financial Officer of Rigel Pharmaceuticals,Inc. (“Rigel”), contingent upon and effective on his first day employment with Rigel, which was May29, 2018.
Mr.Schorno, age 55, joined Rigel from 23andMe,Inc. (“23andMe”), a consumer genetics and research company, where he had served as the Chief Financial Officer since 2015. Before joining 23andMe, Mr.Schorno was the Chief Financial Officer of Adaptive Biotechnologies, a company focusing on combining Next Generation Sequencing and expert bioinformatics to profile T- and B-cell receptors of the adaptive immune system, from 2014 to 2015. From 2001 to 2015, Mr. Schorno served in various roles with Genomic Health, a company focusing on genetic research specifically in cancer detection, most recently as Chief Financial Officer. Mr.Schorno is a certified public accountant. Mr.Schorno holds a B.S. in Business Administration from the University of California, Berkeley and an M.S. in Taxation from Golden Gate University.
There are no family relationships between Mr.Schorno and any director, executive officer, or any person nominated or chosen by Rigel to become a director or executive officer. Mr.Schorno is not a party to any current or proposed transaction with Rigel for which disclosure is required under Item 404(a)of Regulation S-K. Rigel has also entered into its standard form of indemnification agreement with Mr.Schorno.
Mr.Schorno will receive an annual salary of $400,000, a sign-on bonus of $50,000 and will have a bonus target of 50% of his base salary paid on achievement of corporate goals.
In addition to the cash compensation referenced in the preceding paragraph, Mr.Schorno will receive stock option grants to purchase 335,000 shares of the Company’s common stock (the “Option Grants”). 50% of the shares subject to the Option Grants will vest over a four-year period commencing on Mr. Schorno’s start date, and 50% of the shares subject to the Option Grants will vest based on the achievement of certain performance conditions.
Additionally, Mr. Schorno is eligible to participate in Rigel’s Executive Severance Plan.