ADVAXIS, INC. (NASDAQ:ADXS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 18, 2017, Advaxis, Inc. (the “Company”) entered into an Employment Agreement (the “Employment Agreement”) with Anthony Lombardo in connection with Mr. Lombardo’s assumption of the role of Interim Chief Executive Officer of the Company, effective July 6, 2017, as previously disclosed in the Company’s Current Report on Form 8-K filed on July 6, 2017.
Under the terms of the Employment Agreement, Mr. Lombardo’s base salary will be equal to $355,000 per year. Mr. Lombardo is also eligible to receive a one-time lump-sum bonus equal to $88,000 payable within thirty (30) days after the effective date of the Employment Agreement. Additionally, an annual discretionary bonus, targeted to 50% of Mr. Lombardo’s base salary, may be granted if certain performance goals are met in the discretion of the Company’s Compensation Committee.
Further, Mr. Lombardo will be entitled to cash severance payments if the Company terminates his employment without Just Cause (as defined in the Employment Agreement) or if Mr. Lombardo resigns his employment for Good Reason (as defined in the Employment Agreement).
In connection with the execution of the Employment Agreement, Mr. Lombardo also agreed to maintain Company Confidential Information (as defined in the Employment Agreement).
The foregoing summary of the Employment Agreement is qualified in its entirety by a copy of such agreement filed as Exhibit 10.1 hereto and incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed as part of this report:
| Exhibit Number | Description | |
| 10.1 | Employment Agreement by and between Advaxis, Inc. and Anthony Lombardo, dated July 18, 2017. |
Advaxis, Inc. ExhibitEX-10.1 2 ex10-1.htm EMPLOYMENT AGREEMENT This Employment Agreement (the “Agreement”) is effective as of July 18,…To view the full exhibit click here
About ADVAXIS, INC. (NASDAQ:ADXS)
Advaxis, Inc. is a clinical-stage biotechnology company. The Company’s immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm or Listeria) bioengineered to secrete antigen/adjuvant fusion proteins. It is focused on the discovery, development and commercialization of Lm-LLO cancer immunotherapies. The Company’s immunotherapy candidates include Axalimogene filolisbac, ADXS-PSA and ADXS-HER2. Axalimogene filolisbac (ADXS-HPV) is a lead Lm-LLO immunotherapy product candidate for the treatment of human papilloma virus (HPV) associated cancers. ADXS-PSA is an Lm-LLO immunotherapy product candidate designed to target the Prostate Specific Antigen (PSA) associated with prostate cancer. ADXS-HER2 is an Lm-LLO immunotherapy product candidate designed for the treatment of Human Epidermal Growth Factor Receptor 2 (HER2) expressing cancers, including human and canine osteosarcoma, breast, gastric and other cancers.
