Sorrento Therapeutics (SRNE) Terminates CFO Jiong Shao

Sorrento Therapeutics (NASDAQ: SRNE) disclosed that on August 17, 2020, Jiong Shao’s employment with Sorrento Therapeutics, Inc. terminated in its entirety, effective immediately. Mr. Shao previously served as the Company’s Executive Vice President and Chief Financial Officer.

Effective August 18, 2020, the Company appointed Najjam Asghar, age 39, as the Company’s Chief Financial Officer. Upon commencement of his appointment, Mr. Asghar assumed the duties of the Company’s principal financial officer and principal accounting officer until such time as his successor is appointed, or until his earlier resignation or removal. There are no reportable family relationships or related party transactions (as defined in Item 404(a) of Regulation S-K) involving the Company and Mr. Asghar.

Prior to Mr. Asghar’s appointment as the Company’s Chief Financial Officer, Mr. Asghar served as the Company’s Chief Accounting Officer since June 2019. Prior to joining the Company, Mr. Asghar served NuVasive, Inc. in various capacities from October 2015 to June 2019, including Leader of Accounting & Finance from April 2018 to June 2019, leading its accounting and finance functions of Revenue Recognition, International Accounting, Consolidation, SEC Reporting and Technical Accounting (US GAAP), and Senior Director, Accounting and Director between October 2015 and April 2018. Prior to NuVasive, Inc., Mr. Asghar worked at PricewaterhouseCoopers, Inc. from June 2003 to September 2015 in various roles, from an associate to senior manager, where he served various S&P 100 and S&P 500 clients in North America and Asia in the audit and assurance practice. He holds a Bachelors of Arts degree, majoring in economics, statistics and journalism, from University of the Punjab, Pakistan.

Mr. Asghar’s annualized salary is currently $300,000 and he is currently eligible to receive an annual performance bonus of up to 30% of his base salary for fiscal year 2020. His salary and performance bonus percentage may be adjusted in the future at the discretion of the Company’s Compensation Committee. Mr. Asghar’s employment is on an “at will” basis.

In connection with Mr. Asghar’s appointment as the Company’s Chief Financial Officer, the Company entered into an indemnification agreement with Mr. Asghar in the same form as its standard form of indemnity agreement with the Company’s other executive officers.

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