BIONIK LABORATORIES CORP. (OTCMKTS:BNKL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
The information set forth in Item 5.02 of this Form 8-K is incorporated herein by reference.
| Item 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. |
On August 3, 2017, Bionik Laboratories Corp. (the “Company”) entered into a First Amendment to Employment Agreement (the “Amendment”), dated as of August 2, 2017, with Tim McCarthy, the Company’s Chief Commercialization Officer. The Amendment amends Mr. McCarthy’s Employment Agreement with the Company entered into in August 2016 (the “Employment Agreement”).
to the Amendment, among other things, Mr. McCarthy’s duties have been expanded to oversee the Company’s development programs and operations. In return, Mr. McCarthy’s severance upon termination for other than cause, as provided in the Employment Agreement, was increased to nine months’ salary and benefits plus one month salary for every full year of service to the Company plus accrued vacation and pro rata bonus, if any.
The Amendment also provides that Mr. McCarthy will be granted:
| · | 7-year options to purchase 1,500,000 shares of the Company’s common stock, at an exercise price per share equal to the fair market value of the Company’s common stock on the date of grant, and which shall vest equally over a 3 year period commencing one year from the date of grant and in the two subsequent years on the anniversary of the grant date. |
| · | 7-year options to purchase 250,000 shares of the Company’s common stock, at an exercise price per share equal to the fair market value of the Company’s common stock on the date of grant, and which shall vest upon, and if and only if, the Company achieves no less than $5.0 million in sales (as provided in the Company’s audited Consolidated Statements of Operations and Comprehensive (Loss) Income) for the fiscal year ending March 31, 2019. |
| · | 7 year options to purchase 250,000 shares of the Company’s common stock, at an exercise price per share equal to the fair market value of the Company’s common stock on the date of grant, and which shall vest upon, and if and only if, the Company achieves no less than $10.0 million in sales (as provided in the Company’s audited Consolidated Statements of Operations and Comprehensive (Loss) Income) for the fiscal year ending March 31, 2020. |
The foregoing is intended only to be a summary of the Amendment, and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on 8-K, and which is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit | Description |
| 10.1 | First Amendment to Employment Agreement |
Bionik Laboratories Corp. ExhibitEX-10.1 2 v472800_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT This First Amendment (this “Amendment”) to the Employment Agreement (the “Agreement”) by and between Bionik Laboratories Corp.,…To view the full exhibit click here
About BIONIK LABORATORIES CORP. (OTCMKTS:BNKL)
Bionik Laboratories Corp. (Bionik), formerly Drywave Technologies, Inc., is a medical device and robotics company. The Company is focused on providing rehabilitation solutions and developing transformational technologies and solutions to individuals with neurological disorders, specializing in the designing, developing and commercializing of physical rehabilitation technologies, prosthetics and assisted robotic products. It has over three products on the market and approximately three products in various stages of development. The InMotion Systems include the InMotion ARM, InMotion HAND, InMotion Wrist and InMotion ANKLE are designed to provide patent-adaptive therapy in a manner that has been clinically verified to manage neuro-recovery. The Company is also engaged in developing a lower-body exoskeleton, ARKE, which designs to allow paraplegics, as well as other wheelchair users the ability to rehabilitate through walking.
