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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.
Appointment of Global Chief Scientific and Medical Officer
On August 11, 2021, the board of directors (the “Board”) of ImmunityBio, Inc., a Delaware corporation (the “Company” or “our”) appointed Patrick Soon-Shiong, M.D., as Global Chief Scientific and Medical Officer of the Company, a newly created executive position, effective immediately. Prior to such appointment, Dr. Soon-Shiong, age 69, served in the non-employee role of Executive Chairman of the Board since October 2020. Previously, Dr. Soon-Shiong served as our Chairman and Chief Executive Officer from March 2015 to October 2020, as our Co-Chairman from December 2014 to March 2015, and as our Chief Medical Officer from January 2015 to March 2015. Dr. Soon-Shiong will continue to serve as Executive Chairman of the Board.
In connection with Dr. Soon-Shiong’s appointment, the Compensation Committee of the Board (the “Committee”) approved a base salary of $600,000 per year. Additionally, the Committee established that Dr. Soon-Shiong will be eligible to receive an annual discretionary target bonus of up to 50% of his base salary, upon the achievement of certain performance targets as determined by the Committee or Board in its sole discretion. Dr. Soon-Shiong has previously entered into an indemnification agreement with the Company on the Company’s standard form indemnification agreement used by the Company with each of its directors and executive officers. Dr. Soon-Shiong will be eligible to receive benefits consistent with other employees of the Company, including contributions to certain retirement accounts, employer paid health coverage and coverage under certain insurance policies. As an employee, Dr. Soon-Shiong will not continue to receive compensation for his service as a director under the Company’s Director Compensation Program going forward.
Increase in Compensation of Chief Financial Officer
On August 9, 2021, the Committee approved an increase in the annual base salary of David Sachs, our Chief Financial Officer, from $397,000 to $475,000, effective as of the next payroll period. All other terms of the existing offer letter of employment between Mr. Sachs and the Company otherwise remain unchanged.
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 hereunto duly authorized.
| IMMUNITYBIO, INC. | ||||||
| Date: August 13, 2021 | By: | /s/ David Sachs | ||||
| David Sachs Chief Financial Officer | ||||||