Summary
Regeneron Pharmaceuticals, Inc. filed an 8-K on April 9, 2014, reporting a change in its board of directors. Effective April 4, 2014, Dr. Eric M. Shooter retired from the board, a departure previously announced. Concurrently, the company elected Robert A. Ingram to the board as a Class I director, filling a vacancy created by Sanofi's designation right under a recent investor agreement. Mr. Ingram's appointment signifies a strategic alignment with Sanofi, a major partner of Regeneron. His compensation as a director will follow standard practices for non-employee directors, including an annual retainer and a Compensation Committee retainer. Additionally, he received an initial stock option grant, aligning his interests with shareholders. Investors should note this board change in the context of Regeneron's ongoing partnership and development programs with Sanofi.
Key Highlights
- 1Dr. Eric M. Shooter retired from Regeneron's Board of Directors as of April 4, 2014.
- 2Robert A. Ingram was elected as a Class I director to the Board, effective April 4, 2014.
- 3Mr. Ingram's appointment was made as a designee of Sanofi, in accordance with an Amended and Restated Investor Agreement.
- 4Mr. Ingram has also been appointed to the Compensation Committee of the Board.
- 5As a non-employee director, Mr. Ingram will receive an annual retainer of $55,000 and a $10,000 Compensation Committee retainer.
- 6Mr. Ingram was granted an option to purchase 20,000 shares of common stock upon his appointment.
- 7The company expects its 2014 Annual Shareholder Meeting to be held on June 13, 2014.