| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On November 18, 2020, Jennifer Ziolkowski, Chief Financial Officer of Solid Biosciences Inc. (the “Company”), notified the Company of her intent to resign to pursue a new career opportunity. Ms. Ziolkowski is expected to continue in her current role until January 29, 2021 (the “Transition Date”). The Company has commenced a search for Ms. Ziolkowski’s permanent successor.
On November 19, 2020, the Company entered into a consulting agreement (the “Consulting Agreement”) with Danforth Advisors, LLC (“Danforth”), pursuant to which Danforth will provide finance, accounting and administrative functions, including interim chief financial officer services to be provided by Stephen J. DiPalma, to the Company. The Company will pay Danforth an agreed upon hourly rate for such services and will reimburse Danforth for expenses. The Consulting Agreement may be terminated by the Company or Danforth with cause, upon 30 days written notice, and without cause, upon 60 days written notice. In addition, the Company has also granted Danforth a warrant to purchase up to 30,000 shares of the Company’s common stock at an exercise price of $3.29 per share (the “Warrant”). The shares underlying the Warrant vest on a monthly basis over six months from the date of grant.
The Board of Directors of the Company has appointed Mr. DiPalma, Managing Director of Danforth, as interim Chief Financial Officer, effective as of the Transition Date. In connection with his appointment, Mr. DiPalma will serve as the Company’s principal financial officer and principal accounting officer. Prior to the Transition Date, Mr. DiPalma will serve as a consultant to the Company pursuant to the Consulting Agreement.
Mr. DiPalma, age 61, has served as a managing director at Danforth, a financial consultancy firm specializing in working with life sciences companies, since April 2014. Prior to and during his tenure at Danforth, Mr. DiPalma has served as chief financial officer to a number of public and privately held companies. Mr. DiPalma received a B.S. in finance and management information systems from the University of Massachusetts-Lowell and an M.B.A. from Babson College. Mr. DiPalma has no family relationships with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. DiPalma and any other person pursuant to which he was elected as an officer of the Company.
