SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 5, 2018
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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
On May 10, 2018, Synlogic, Inc. (the Company) announced that Aoife M. Brennan, the Companys Chief Medical Officer, would also serve as Interim President and Chief Executive Officer while the Company commenced a search for a successor to its prior Chief Executive Officer, Jose Carlos Gutiérrez-Ramos.
On June 5, 2018, the Board of Directors of the Company (the Board) approved compensation to Dr. Brennan in her role as Interim President and Chief Executive Officer. Pursuant to the terms of the amendment to Dr. Brennans offer letter with the Company (the Amendment), Dr. Brennan will receive (i) an annual base salary of $475,000 commencing as of May 10, 2018 and to be paid on a pro rata monthly basis for the period which Dr. Brennan serves as Interim President and Chief Executive Officer (the Interim CEO Salary), (ii) a target bonus of 40% of the Interim CEO Salary for the period which Dr. Brennan serves as Interim President and Chief Executive Officer and (iii) a one-time grant of an option to purchase an aggregate of 54,000 shares of the Companys common stock at an exercise price of $9.55 (the fair market value on the date of the grant) which option will vest in equal monthly installments for 48 months beginning one month after the grant date and continuing for so long as Dr. Brennan continues to serve as Interim President and Chief Executive Officer.
The foregoing summary of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which will be filed as an exhibit to the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
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.
Date: June 6, 2018
Chief Financial Officer