MRI INTERVENTIONS, INC. (OTCMKTS:MRIC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
| (b) | Departure of Executive Officer and Director. |
As part of the previously announced management transition, which was disclosed in the Current Report on Form 8-K filed by MRI Interventions, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on October 10, 2017 (the “Prior Current Report”), effective November 7, 2017, Francis (Frank) P. Grillo voluntarily resigned from his position as the Chief Executive Officer and President of the Company and as a member of the Board of Directors of the Company (the “Board”) and separated from the Company to the terms of the Separation, Transition and Consulting Agreement, dated as of October 6, 2017. Mr. Grillo’s resignation is not the result of any disagreement with management, the Company or its operations, policies or practices.
The principal terms of Mr. Grillo’s separation agreement with the Company are summarized in the Prior Current Report and incorporated herein. That summary is qualified in its entirety by the full text of the separation agreement, a copy of which was filed as Exhibit 10.1 to the Prior Current Report.
| (c) | Appointment of Executive Officer. |
Further, as part of the previously announced management transition in the Prior Current Report, effective November 7, 2017, Joseph Michael Burnett became the Chief Executive Officer and President of the Company, replacing Mr. Grillo in such positions.
The principal terms of Mr. Burnett’s employment agreement with the Company are summarized in the Prior Current Report and incorporated herein. That summary is qualified in its entirety by the full text of the employment agreement, a copy of which was filed as Exhibit 10.2 to the Prior Current Report.
In conjunction with the management transition described above, the Board, with the recommendation of the Corporate Governance and Nominating Committee, elected Mr. Burnett to serve as a director of the Company, effective November 7, 2017, until the 2018 annual meeting of stockholders and until his successor is duly elected and qualified or until his earlier death, resignation, disqualification or removal.
| Item 9.01. | Financial Statements and Exhibits. |
The following exhibits are filed and/or furnished herewith.
