| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 7, 2021, the Board of Directors (the “Board”) of Homology Medicines, Inc. (the “Company”) appointed Tim Kelly as Chief Operating Officer of the Company.
Prior to his appointment, Mr. Kelly, 52, served as our Chief Technical Operations Officer from April 2018 to April 2021, where he led the construction of the Company’s internal 25,000-square-foot GMP manufacturing facility, which was completed in 12 months from design to operation, and scaled to a 2,000-liter bioreactor with a HEK293 serum-free suspension system. Prior to that, Mr. Kelly served as our Senior Vice President of Technical Operations from May 2017 to April 2018. Under his leadership, the Company has attracted and grown a highly experienced technical operations team. From January 2017 to May 2017, Mr. Kelly served as Head of Technical Operations at Sarepta Therapeutics, Inc., a biopharmaceutical company. Prior to that, Mr. Kelly spent eight years, from 2009 to 2017, at Shire plc, a biotechnology company, where he served most recently as Senior Vice President and Head of Biologics Operating Unit from May 2016 to January 2017, and prior to that served in roles of increasing responsibility, including Interim Head of Technical Operations from August 2015 to April 2016 and Head of Product Strategy & Planning from 2014 to July 2015. He was previously the Head of Technical Operations at UCB S.A. in Belgium. Mr. Kelly also held roles of increasing responsibility at Biogen Idec, including Senior Director of International Operations. Mr. Kelly holds a B.S. with emphasis in Engineering Mechanics from the United States Air Force Academy and an M.B.A. from Troy University.
In connection with his appointment, on April 7, 2021, the Board granted Mr. Kelly an option to purchase 10,000 shares of the Company’s common stock, with an exercise price of $7.18 per share, the fair market value of a share of the Company’s common stock on the date of grant, which option vests over four years in forty-eight (48) substantially equal installments upon Mr. Kelly’s completion of each full month of service to the Company following April 12, 2021. Also in connection with the appointment, Mr. Kelly’s annual base salary was increased by $16,000 to $435,300 effective as of April 12, 2021.
