SenesTech, Inc. (NASDAQ:SNES) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 7, 2019, Grover Wickersham provided notice to SenesTech, Inc. (the “Company”) of his intention to resign as a director of the Company, effective as of February 10, 2019.
On February 10, 2019, the Board of Directors (the “Board”) of the Company appointed Kenneth Siegel to the Board. Mr. Siegel will fill the vacancy created by the resignation of director Grover Wickersham as a Class III director, with a term expiring at the Company’s 2019 annual meeting of stockholders. Mr. Siegel will serve on the Nominating and Corporate Governance Committee, the Finance Committee and the Commercialization Committee. Mr. Siegel will receive compensation payable under our director compensation program, prorated for his partial year service until our 2019 annual meeting of stockholders.
The Company’s director compensation program currently provides that directors will annually receive a cash retainer of $17,000, an equity grant of restricted stock units valued at $10,000, and an option grant to acquire the Company’s common stock valued at $15,000. The directors serving on each of the Nominating and Corporate Governance Committee, the Finance Committee and the Commercialization Committee will each receive annually a cash retainer of $5,000, an equity grant of restricted stock units valued at $2,000, and an option grant to acquire the Company’s common stock valued at $2,000. The Company and Mr. Siegel will enter into an indemnification agreement in the same form as the Company has previously entered into with non-employee directors.
There are no arrangements or understandings between Mr. Siegel and any other persons to which Mr. Siegel was selected as a director.
About SenesTech, Inc. (NASDAQ:SNES)
SenesTech, Inc. is a platform biotechnology company. The Company is engaged in developing a technology for managing animal pest populations through fertility control. Its approach is designed to manage food security and manage infrastructure damage, disease outbreaks, environmental contamination and other costs associated with rodent infestations. Its fertility control product candidate, ContraPest, will be marketed for use in controlling rat populations. ContraPest targets the reproductive capabilities of rodents by inducing the gradual loss of eggs in female rodents and disruption of sperm in male rodents, resulting in contraception that can progress to sterility in both females and males. The Company applies its technology to manage rats in urban and agricultural settings. It has a pipeline of fertility control and animal health products, which include ContraPest, Plant-based fertility control, Feral animal fertility control, Boar taint, and Non-Surgical Spay and Neutering.