SAREPTA THERAPEUTICS, INC. (NASDAQ:SRPT) 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 June26, 2017, Edward M. Kaye, M.D. tendered his resignation as President and Chief Executive Officer of Sarepta Therapeutics, Inc. (the “Company”) effective on that date. Also on June26, 2017, Dr.Kaye tendered his resignation as a director of the Company, effective upon a date to be determined by the Company’s Board of Directors (the “Board”) or the Board’s Nominating and Corporate Governance Committee. On August17, 2017, the Board accepted Dr.Kaye’s resignation as a director and approved his engagement as an independent consultant to the Company. Also on August17, 2017, Dr.Kaye delivered to the Company a General Release in favor of the Company that provides, in exchange for a release of claims, certain payments and benefits, all as set forth in his Amended and Restated Employment Agreement dated September20, 2016 (the “Employment Agreement”).
In connection with his engagement as a consultant, the Company entered into a Consulting Agreement (the “Agreement”) with Dr.Kaye, commencing on August17, 2017 (the “Effective Date”) and ending upon the first to occur of (a)Dr.Kaye’s death or permanent disability and (b)August17, 2018. At the Company’s option, the Agreement may be extended for up to an additional year, and the Company may terminate the Agreement upon written notice provided to Dr.Kaye (the period of time between the Effective Date and the termination of the Agreement is referred to herein as the “Consulting Period”). to the terms of the Agreement, Dr.Kaye will answer questions with respect to matters within the scope of his responsibilities as President and Chief Executive Officer of the Company, cooperate with the Company with respect to proceedings or internal investigations involving such matters, and provide general consulting services to the Company regarding the Company and its business activities. Dr.Kaye will provide these services on an as needed basis, but in no event will exceed 10 hours a week. Under his applicable agreements, Dr.Kaye is entitled to continued vesting of certain equity awards during the Consulting Period. In consideration for his consulting services, the Company will pay Dr.Kaye $500.00 per hour.
The foregoing description of the terms of the Agreement is not complete and is qualified in its entirety by reference to the full text thereof, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ending September 30, 2017.
About SAREPTA THERAPEUTICS, INC. (NASDAQ:SRPT)
Sarepta Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the discovery and development of ribonucleic acid (RNA)-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others. The Company, through its platform technologies, targets a range of diseases and disorders through RNA-targeted mechanisms of action. The Company is also developing therapeutics using its technology for the treatment of drug-resistant bacteria and infectious, rare and other human diseases. The Company’s lead Duchenne Muscular Dystrophy (DMD) product candidate, Eteplirsen, is an antisense phosphorodiamidate morpholino oligomer (PMO) therapeutic in Phase III clinical development for the treatment of individuals with DMD having an error in the gene coding for dystrophin that is amenable to skipping exon 51.
