Agile Therapeutics,Inc. (NASDAQ:AGRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Agile Therapeutics,Inc. (NASDAQ:AGRX) 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 Certain Officers; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On June20, 2018, Agile Therapeutics,Inc. (the “Company”) adopted a retention plan effective immediately (the “Retention Plan”), to provide (i)cash retention payments to all remaining employees of the Company in order to induce such employees to remain employed by the Company through December31, 2018, and (ii)stock option grants to all remaining employees of the Company in order to induce such employees to remain employed by the Company through December31, 2019.

Any employee who participates in the Retention Plan and (i)remains continuously employed by the Company through December31, 2018 or (ii)has been terminated by the Company other than for cause (as defined in an applicable employment agreement, or, if no employment agreement exists, as determined by the Company in good faith) prior to December31, 2018, shall be paid a lump-sum cash payment in an amount determined by the compensation committee (“Compensation Committee”) of the Company’s board of directors at the time of the adoption of the Retention Plan. If an eligible employee terminates service prior to December31, 2018 for any reason other than termination of employment by the Company without cause, no such cash retention payment shall be made to the eligible employee. The cash retention payments are expected to be made in January2019.

In addition, all remaining employees were granted a stock option to purchase the number of shares of common stock of the Company as approved by the Compensation Committee, with a per share exercise price of $0.58 which was equal to the closing price of the Company’s common stock as reported by Nasdaq on June20, 2018. Each option will vest in four equal 25% installments on the following dates: (i)June20, 2018, (ii)December31, 2018, (iii)June30, 2019, and (iv)December31, 2019.

Al Altomari, the Company’s Chief Executive Officer, Scott Coiante, the Company’s Chief Financial Officer, and Elizabeth Garner, M.D., M.P.H., the Company’s Chief Medical Officer will participate in the Retention Plan. Provided they meet the conditions to payment described above, they will each receive a cash retention payment of $100,000. In addition, they were each granted a stock option to purchase 150,000 shares of the Company’s common stock on the terms described above.


About Agile Therapeutics,Inc. (NASDAQ:AGRX)

Agile Therapeutics, Inc. is a women’s health specialty pharmaceutical company. The Company is focused in the development and commercialization of prescription contraceptive products. The Company has developed a transdermal patch technology, called Skinfusion. The Company’s lead product candidate is Twirla, also known as AG200-15, is a combined hormonal contraceptive (CHC) patch. In addition to Twirla, the Company is developing a pipeline of other new transdermal contraceptive products, including AG200-ER, which is a regimen designed to allow a woman to extend the length of her cycle; AG200-SP, which is a regimen designed to provide a shortened hormone-free interval, and AG890, which is a progestin-only contraceptive patch intended for use by women who are unable or unwilling to take estrogen. Each of its product candidates utilizes its Skinfusion technology designed to deliver contraceptive-levels of hormones to the blood stream through the skin over a seven-day period.