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OSIR > SEC Filings for OSIR > Form 8-K on 15-Jan-2014All Recent SEC Filings

Show all filings for OSIRIS THERAPEUTICS, INC.



Change in Directors or Principal Officers

ITEM 5.02. Departures of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On January 13, 2014, at a Special Meeting of the Board of Directors, Lode Debrabandere, Ph.D. was elected to serve as a member of the Board of Directors to fill the vacancy created by the December 2013 resignation of C. Randal Mills, Ph.D. Dr. Debrabandere will serve for the remainder of the term of the Class II directors, until the 2014 Annual Meeting of Stockholders and until his successor shall be duly elected and qualified.

The Board of Directors also confirmed Dr. Debrabandere's promotion to serve as the Company's President and Chief Executive Officer. His annual salary was increased from $320,000 to $360,000, and he was granted options to purchase 150,000 shares of the Company's common stock at the exercise price of $17.13 per share. Such options become exercisable in four equal installments commencing upon the annual anniversary of the grant. There were no other changes made to the Employment Agreement by and between Dr. Debrabandere and the Company which was effective as of July 31, 2006.

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