Solid Biosciences Inc. 10-Q

Item 5. Other Information. On April 25, 2022, our Board of Directors approved a restructuring plan to reduce our workforce by approximately 35 percent and implement changes to our corporate strategy to prioritize the advancement of our key programs, SGT-001 and SGT-003. We expect to substantially complete the restructuring in the second quarter of 2022. We anticipate that this restructuring plan will result in a reduction in planned corporate expenditures and, based on our current operating plans, extend our cash runway into the second quarter of 2024. We estimate total restructuring costs of approximately $1.7 million related the reduction in workforce, consisting of severance and other employee termination benefits. We expect that approximately $0.5 million would be paid during the second quarter of 2022 and approximately $1.2 million would be paid during the remainder of 2022. In addition, on April 25, 2022, the Board approved a retention program consisting of cash payments and grants of options or restricted stock units designed to provide that we will have the continued dedication and commitment of those employees, including executive officers, determined to be key to the restructuring and our planned future operations, and thus, not impacted by the workforce reduction. Under this program, the Company’s executive officers are eligible to receive retention payments in the following amounts: (i) Erin Powers Brennan, our Chief Legal Officer, an option to purchase 254,000 shares of our common stock, effective May 2, 2022, and a cash bonus of $132,212, and (ii) Carl Morris, our Chief Scientific Officer, an option to purchase 296,000 shares of our common stock, effective May 2, 2022, and a cash bonus of $132,212. The executive officer option grants will vest in equal annual installments over a term of three years from the grant date and the executive officer cash bonuses will vest as to half on October 1, 2022 and half on May 1, 2023, in each case, subject to continued employment on the vesting date and subject to acceleration in connection with a change in control. 79 Item 6. Exhibits. Exhibit Number Description 10.1 Executive Chair Agreement, effective January 1, 2022, by and between Solid Biosciences Inc. and Ian F. Smith (incorporated by reference to Exhibit 10.25 to the Annual Report on Form 10-K filed on March 14, 2022). 31.1 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS Inline XBRL Instance Document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 80 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Solid Biosciences Inc. Date: April 27, 2022 By: /s/ Ilan Ganot Ilan Ganot President and Chief Executive Officer (Principal Executive Officer) Date: April 27, 2022 By: /s/ Stephen DiPalma Stephen DiPalma Interim Chief Financial Officer (Principal Financial and Accounting Officer) 81