secwatch.observer — SEC 8-K summary
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Issuer:     Passage BIO, Inc. (PASG)
CIK:        0001787297
Form:       8-K
Filed at:   2023-12-29T23:59:59+00:00
Accession:  0001104659-23-130478
Event type: litigation
Sentiment:  neutral
Materiality: 0.55
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1787297/000110465923130478/0001104659-23-130478-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1787297/000110465923130478/tm2333843d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-130478

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer