Summit Therapeutics Inc.
01/24/2025 | Press release | Distributed by Public on 01/24/2025 15:24
Material Event (Form 8-K)
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 22, 2025, the Board of Directors (the "Board") of Summit Therapeutics Inc. (the "Company") approved and authorized cash bonus awards with respect to the 2024 fiscal year for Dr. Mahkam Zanganeh, Chief Executive Officer, President and member of the Board, and Manmeet Soni, Chief Financial Officer, Chief Operating Officer and member of the Board. Dr. Zanganeh and Mr. Soni will each receive a cash bonus in an amount of $540,000 with respect to the 2024 fiscal year, payable in the first quarter of the 2025 fiscal year. Neither of Dr. Zanganeh nor Mr. Soni received a bonus for the 2023 fiscal year.
Additionally, the Board approved an increase in the annual base salaries for Dr. Zanganeh and Mr. Soni. Effective February 1, 2025, the annual base salary for each of Dr. Zanganeh and Mr. Soni will increase from $600,000 to $618,000.