Alliqua BioMedical, Inc. (NASDAQ:ALQA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On May 7, 2018, in connection with the Closing, Pellegrino Pionati ceased employment as Chief Strategy and Marketing Officer of the Company.
In connection with the foregoing, on May 7, 2018, the Company and Mr. Pionati entered into a general release and severance agreement (the “Pionati Separation Agreement”), which becomes effective on May 15, 2018. to the Pionati Separation Agreement, Mr.Pionati will release the Company from any and all claims. In consideration of the Pionati Separation Agreement and his general release of claims, Mr.Pionati is entitled to (i) his 2017 performance bonus in the amount of $118,310.40 (less applicable taxes and other withholdings), (ii) severance pay in an amount equal to his base salary for twelve (12) months, less applicable taxes and other withholdings, payable in a lump sum payment on or before the thirtieth (30th) day following May 7, 2018, (iii) for a period of twelve (12) months or until Mr. Pionati becomes eligible for comparable employer sponsored health plan benefits, whichever is sooner, all health plan benefits to which Mr. Pionati was entitled prior to the separation date under any such benefit plans or arrangements maintained by the Company in which Mr. Pionati participated, which benefits shall be determined and paid in accordance with the Company’s plans or arrangements and shall be provided to COBRA with the relative costs therefor being paid by the Company and Mr. Pionati in the same proportion as existed while Mr. Pionati was an active employee of the Company and (iv) the stock options and restricted stock previously granted to Mr.Pionati: (1) became fully and immediately vested upon May 7, 2018, and (2)the stock options shall remain exercisable for two (2)years following May 7, 2018, or, if sooner, until the end of the applicable stock option’s term.
The foregoing description of the Pionati Separation Agreement is qualified in its entirety by the full text of the Separation Agreement, which is attached hereto as Exhibit 10.2 and is incorporated by reference herein.
|Item 9.01||Financial Statements and Exhibits.|
Alliqua BioMedical, Inc. ExhibitEX-10.1 2 tv493890_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 GENERAL RELEASE AND SEVERANCE AGREEMENT This General Release and Severance Agreement (the “Agreement”),…To view the full exhibit click
About Alliqua BioMedical, Inc. (NASDAQ:ALQA)
Alliqua BioMedical, Inc. is a provider of advanced wound care solutions. The Company’s businesses include advanced wound care and contract manufacturing. The Company operates through its subsidiaries, such as AquaMed Technologies, Inc. and Choice Therapeutics, Inc. The Company is engaged in developing a suite of advanced wound care solutions that will enable surgeons, clinicians and wound care practitioners to address the challenges in chronic and acute wounds. The Company utilizes hydrogel technology through which hydrogels are manufactured by introducing a hydrophilic polymer into water to create a feed mix. The Company’s commercial wound care portfolio consists of over four product categories, such as Human Biologics; Antimicrobial Protection; Exudate Management and Contract Manufacturing. Human Biologics include BIOVANCE and Extracellular Matrix (ECM). Under Antimicrobial Protection, the Company offers TheraBond 3D Antimicrobial Barrier Systems and SilverSeal.