Aethlon Medical, Inc. (NASDAQ:AEMD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 12, 2018, Aethlon Medical, Inc. (the “Company”) and James A. Joyce, the Company’s former Chief Executive Officer, entered into a Separation and Consulting Agreement (the “Agreement”). The Agreement provides that, to the terms of Mr. Joyce’s Employment Agreement with the Company dated April 1, 1999, as amended by Amendment No. 1 to Employment Agreement, dated October 16, 2015 (together, the “Employment Agreement”), the Company will provide Mr. Joyce with the termination benefits specified in the Employment Agreement, which include, (i)commencing on the 30th day following his December 10, 2018 separation date, continued payment of his current base salary for twelve (12) months (the “Severance Period”), and (ii) payment of COBRA premiums for up to twelve (12) months (collectively, the “Separation Benefits”). The Agreement also provides for a full general release of claims and continued compliance by Mr. Joyce with his post-employment obligations under the Employment Agreement.
The Agreement additionally provides that Mr. Joyce will provide consulting services to the Company for up to 10 hours per month for up to 12 months, for which the Company will pay Mr. Joyce $5,000 per month. The consulting relationship will continue until the earlier of: (i) the date that is twelve (12) months from the separation date; (ii) in the event of a breach by Mr. Joyce of his post-employment obligations (as set forth in the Employment Agreement), the date of any such breach; or (iii) a date mutually agreed between Mr. Joyce and the Company.
About Aethlon Medical, Inc. (NASDAQ:AEMD)
Aethlon Medical, Inc. is a medical device company focused on creating devices for cancer, infectious disease and other life-threatening conditions. The Company operates through two segments: Aethlon, which represents its therapeutic business activities, and ESI, which represents its diagnostic business activities. The Company’s lead product is the Aethlon Hemopurifier, which is a device that selectively targets the elimination of circulating viruses and tumor-secreted exosomes that promote cancer progression. The Aethlon Hemopurifier sheds glycoproteins to treat infectious viral pathogens. In oncology indications, the Hemopurifier targets the removal of circulating exosomes, which are released to promote cancer progression and to seed the spread of metastasis. Through its subsidiary, Exosome Sciences, Inc. (Exosome), the Company is also developing exosome-based product candidates to diagnose and monitor neurological disorders and cancer.