Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 7, 2021, the Board of Directors (the "Board") of Galecto, Inc. (the
"Company"), increased its size to nine directors and appointed Anne Prener to
join the Board, effective as of January 8, 2021. Dr. Prener will serve as a
Class I director until her term expires at the 2021 annual meeting of
stockholders, at which time she is expected to stand for election by the
Company's stockholders. The Board determined that Dr. Prener is independent
under the listing standards of The Nasdaq Global Select Market ("Nasdaq").
As a non-employee director, Dr. Prener will receive cash compensation and equity
awards for her Board service in accordance with the Company's Non-Employee
Director Compensation Policy, as amended. The equity awards will include an
initial grant award and pro rata portion of an annual grant for Dr. Prener's
service on the Board. Dr. Prener is not a party to any transaction with the
Company that would require disclosure under Item 404(a) of Regulation S-K, and
there are no arrangements or understandings between Dr. Prener and any other
persons pursuant to which she was selected as a director. In addition, Dr.
Prener has entered into an indemnification agreement with the Company consistent
with the form of indemnification agreement entered into between the Company and
its existing non-employee directors.
On January 8, 2021, the Company issued a press release announcing Dr. Prener's
appointment to the Board. A copy of this press release is furnished as Exhibit
99.1 to this report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
99.1 Press Release issued by the Company on January 8, 2021 .
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
GALECTO, INC. 
