Sutro Biopharma Inc. filed SEC Form 8-K: Leadership Update
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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.
(d)
On August 8, 2024, the board of directors (the “Board”) of Sutro Biopharma, Inc. (the “Company”) appointed Sukhi Jagpal, as a Class III director, effective as of August 8, 2024, and as a member of the Audit Committee, effective as of August 15, 2024.
In connection with his election as a non-employee director of the Board, Mr. Jagpal will receive a pro rata portion of the $40,000 annual retainer for service as a director for the remaining portion of the year and a pro rata portion of the $10,000 annual retainer for service as a member of the Audit Committee for the remaining portion of the year, each in accordance with the Company’s existing compensation policy for non-employee directors. In addition, the Board granted to Mr. Jagpal, effective August 8, 2024, (i) a stock option to purchase 35,000 shares of common stock at an exercise price equal to the closing sale price of the common stock on August 8, 2024, as reported by the Nasdaq Global Market, which will vest monthly over three years, subject to Mr. Jagpal’s continued service to the Company and (ii) a stock option to purchase 28,959 shares of common stock at an exercise price equal to the closing sale price of the common stock on August 8, 2024, as reported by the Nasdaq Global Market, which will vest monthly until the Company’s 2025 annual meeting of shareholders, subject to Mr. Jagpal’s continued service to the Company .
The Company has entered into its standard form of indemnification agreement with Mr. Jagpal. The form of the indemnification agreement was previously filed by the Company as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on September 17, 2018 and incorporated by reference herein.
There are no arrangements or understandings between Mr. Jagpal and any other persons pursuant to which Mr. Jagpal was selected as a member of the Board. There are also no family relationships between Mr. Jagpal and any director or executive officer of the Company, nor does Mr. Jagpal have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Sutro Biopharma, Inc. |
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Date: August 12, 2024 |
By: |
/s/ Edward Albini |
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Edward Albini |
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Chief Financial Officer |