Atossa Genetics Inc. (NASDAQ:ATOS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Atossa Genetics Inc. (NASDAQ:ATOS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 9.01 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

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On June 27, 2018, the Company approved additional compensation arrangements for Dr. Quay and Mr. Guse. Each officer will receive a one-time cash bonus for completing the Company’s rights offering in May 2018, which raised $13.6 million gross and represented approximately 150% of the Company’s market capitalization. Dr. Quay will receive a one-time bonus of $200,000 and Mr. Guse will receive a one-time bonus of $150,000. In addition, Dr. Quay and Mr. Guse will receive a 12% increase in base salary, which was the first base salary increase provided to Dr. Quay and Mr. Guse in more than three years. Following the increase, Dr. Quay will earn $582,000 per year, and Mr. Guse will earn $408,000 per year.

The Company also approved increases in compensation payable to non-employee directors. Non-employee directors will now receive annual grants of 45,000 options, reflecting an increase of 5,000 options, and will also receive annual compensation of $50,000, reflecting a $10,000 increase.

The compensation arrangements were unanimously approved by the Compensation Committee of the Board of Directors.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description
4.1 Form of Option Award Agreement

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ATOSSA GENETICS INC Exhibit
EX-4.1 2 s111191_ex4-1.htm EXHIBIT 4.1 Exhibit 4.1 STOCK OPTION AGREEMENT UNDER THE ATOSSA GENETICS INC. 2010 STOCK OPTION AND INCENTIVE PLAN   Name of Optionee: __________ No. of Option Shares: __________   Option Exercise Price per Share: $_____   Vesting Commencement Date: _________   Grant Date: _________   Expiration Date: __________   Pursuant to the Atossa Genetics Inc. 2010 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”),…
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About Atossa Genetics Inc. (NASDAQ:ATOS)

Atossa Genetics Inc. is a clinical-stage pharmaceutical company focused on the development of therapeutics and delivery methods for the treatment of breast cancer and other breast conditions. The Company’s leading program uses its intraductal microcatheters, which deliver pharmaceuticals through the breast ducts. It has initiated a Phase II clinical study using its microcatheters to deliver fulvestrant as a treatment of ductal carcinoma in-situ (DCIS) and breast cancer. Its second pharmaceutical program under development is Afimoxifene Topical Gel (AfTG) for the treatment and prevention of hyperplasia of the breast. It is also engaged in the process of evaluating other therapeutic candidates to treat other breast conditions, including breast cancer. Its medical devices include the ForeCYTE Breast Aspirator and the FullCYTE Breast Aspirator. These devices are intended for the collection of nipple aspirate fluid (NAF) for cytological testing at a laboratory.

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