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IMNP > SEC Filings for IMNP > Form 8-K on 17-Oct-2013All Recent SEC Filings

Show all filings for IMMUNE PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for IMMUNE PHARMACEUTICALS INC


17-Oct-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 10, 2013, Herve de Kergrohen, MD and Pierre Albouy resigned as members of Immune's board of directors, effective immediately. Their resignations were not due to any disagreement with management.

On October 10, 2013, Mr. Daniel Kazado and Dr. Rene Lerer were appointed to Immune's board of directors. Mr. Kazado was designated as a member of Immune's nominating and corporate governance committee. Dr. Lerer was designated as a member of Immune's audit Committee, nominating and corporate governance committee and compensation committee. Dr. Lerer will serve as chairman of Immune's nominating and corporate governance committee.

On October 10, 2013, Immune's board of directors adopted a compensation policy for its non-employee directors. This policy provides for the following cash compensation to Immune's non-employee directors:

each non-employee director will receive an annual base fee of $40,000;
in addition to the $40,000 annual base fee, the chairman of the audit committee, compensation committee and research & development committee will receive an additional annual fee of $20,000; and
the vice chairman will receive an additional annual base fee of $20,000.

This policy also provided for the following equity compensation to Immune's non-employee directors:

each non-employee director received an option grant to purchase 50,000 shares of Immune's common stock at an exercise price of $2.50 that vested immediately; and
each non-employee director received an option grant to purchase 50,000 shares of Immune's common stock at an exercise price of $2.50 that vests quarterly over the next three years.

All fees under the director compensation policy will be paid on a quarterly basis and no per meeting fees will be paid. Immune will also reimburse non-employee directors for reasonable expenses incurred in connection with attending board and committee meetings.


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