UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 31, 2022, William F. Ciambrone informed Sarepta Therapeutics, Inc. (the “Company”) of his resignation from his position as the Company’s Executive Vice President, Technical Operations, effective as of December 31, 2022. The Company and Mr. Ciambrone entered into a Separation and Consulting Agreement and General Release (the “Agreement”), dated as of November 2, 2022, pursuant to which Mr. Ciambrone will remain a consultant to the Company through the second quarter of 2023. Pursuant to the terms of the Agreement, the outstanding equity awards issued to Mr. Ciambrone as of December 31, 2022 will continue to vest through the period in which Mr. Ciambrone continues to provide consulting services to the Company. The Company has also agreed to provide Mr. Ciambrone with a 2022 annual incentive bonus payment, based on the bonus percentage determined by the Company’s board of directors (the “Board”), and will pay the cost of Mr. Ciambrone’s benefits continuation coverage under COBRA through the end of the consulting period. In addition, the Company has agreed to pay Mr. Ciambrone a consulting fee of $500 per hour for the consulting services that he provides. Mr. Ciambrone’s decision to resign did not result from any disagreement with the Company on any matter relating to the Company’s operations, financial statements, internal controls, policies or procedures. The Company thanks Mr. Ciambrone for his substantial contributions during a transformational period for the Company and wishes him well.
On October 31, 2022, the Board appointed Bilal Arif, the Company’s Senior Vice President, Strategy and Operations, as the Company’s Chief Technical Operations Officer, effective as of December 31, 2022 and upon Mr. Ciambrone’s retirement.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Sarepta Therapeutics, Inc. | ||||||
| Date: November 2, 2022 | By: | /s/ Douglas S. Ingram | ||||
| Douglas S. Ingram | ||||||
| President and Chief Executive Officer | ||||||