Passage Bio settles derivative suit over director comp; to adopt new compensation policy, pay $390K fees

Passage BIO, Inc.

Stipulation filed Dec 13, 2023 resolves derivative action challenging 2020-2021 non-employee director compensation.
Company agrees to adopt written Director Compensation Policy limiting annual pay to 62.5th percentile of peer group.
Reforms include annual compensation consultant review, peer group market cap range, and enhanced proxy disclosures.
Company to pay up to $390,000 in attorneys' fees and expenses to plaintiff's counsel; no admission of wrongdoing.
Settlement hearing set for March 4, 2024; reforms to be maintained until at least Dec 31, 2027.

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