AYTU BIOSCIENCE, INC. (OTCMKTS:AYTU) Files An 8-K Entry into a Material Definitive AgreementItem 5.02.
Effective December 18, 2017, David A. Green was appointed to serve as Chief Financial Officer, Secretary and Treasurer of Aytu BioScience, Inc. (the “Company”). Mr. Green will succeed Gregory A. Gould, who resigned effective November 15, 2017 to pursue another opportunity.
Prior to joining the Company, Mr. Green, 55, served as Chief Accounting Officer from May 2016 until February 2017 at Intarcia Therapeutics, Inc., a biopharmaceutical company currently engaged in late stage clinical development. Mr. Green is a Consultant at DAG Advisors, a position he has held since October 2014. From February 2012 until October 2014, he was Chief Financial Officer of Catheter Connections, a commercial-stage medical device company that was acquired by Merit Medical. Preceding Catheter Connections, Mr. Green was CFO at Specialized Health Products International, a publicly traded medical device company that was acquired by C.R. Bard. Prior to his time serving in senior financial leadership roles at commercial-stage specialty life sciences companies, Mr. Green was a Managing Director at Duff & Phelps, a global investment banking and corporate finance advisory firm for nearly a decade. Mr. Green was also a founding member of Ernst & Young's Palo Alto Center for Strategic Transactions, where he advised the firm's clients on using strategic transactions to accelerate growth. Mr. Green earned a Bachelor of Science from the State University of New York, a Master of Business Administration from the University of Rochester, and is a Certified Public Accountant.
In connection with his appointment, Mr. Green and the Company entered into an employment agreement (the “Employment Agreement”), effective December 18, 2017. to the terms of the Employment Agreement, Mr. Green shall receive a base salary at an annual rate of $250,000 and is eligible for a discretionary annual bonus of up to 50% of his base salary as determined by the Compensation Committee of the Board. As further consideration for Mr. Green’s services, the Company agreed to grant to Mr. Green, on or promptly after January 1, 2018, 75,000 restricted shares of the Company’s common stock (the “Restricted Shares”) to the Company’s 2015 Stock Option and Incentive Plan.
The Employment Agreement may be terminated by the Company with or without Cause, as defined in the Employment Agreement, or as a result of Employee’s Disability, as defined in the Employment Agreement or by Mr. Green with our without Good Reason, as defined in the Employment Agreement. to the terms of the Employment Agreement, if the Company ends the term for Cause, as defined in the Employment Agreement, if Mr. Green resigns for reasons other than Good Reason, as defined in the Employment Agreement, or if Mr. Green dies while employed by the Company, he will be entitled to his Accrued Compensation, as defined in the Employment Agreement. In the event the Company terminates Mr. Green’s employment without Cause, as defined in the Employment Agreement, or because of Disability, as defined in the Employment Agreement or Mr. Green terminates employment with Good Reason, as defined in the Employment Agreement, he shall be entitled to his Accrued Compensation, as defined in the Employment Agreement and a lump sum equal to 50% of this base salary as well as continued participation in our health and welfare plans for up to twelve months. In addition, Mr. Green’s Restricted Shares shall vest in accordance with the terms of the restricted stock agreement.
The Employment Agreement further provides that, upon the occurrence of a Change of Control, as defined therein, all stock options, restricted stock and other stock-based grants issued to Mr. Green shall immediately and irrevocably vest and become exercisable upon the occurrence of a Change of Control.
There are no family relationships between Mr. Green and any of the directors or executive officers of the Company, and there are no transactions in which Mr. Green has an interest requiring disclosure under Item 404(a) of Regulation S-K.
The foregoing summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
AYTU BIOSCIENCE, INC ExhibitEX-10.1 2 f8k121717ex10-1_aytubio.htm EMPLOYMENT AGREEMENT,…To view the full exhibit click here
About AYTU BIOSCIENCE, INC. (OTCMKTS:AYTU)
Aytu BioScience, Inc. is a commercial-stage healthcare company focused on acquiring, developing and commercializing products in the field of urology. The Company focuses on hypogonadism, prostate cancer, urinary tract infections and male infertility. The Company markets ProstaScint (capromab pendetide), a radio imaging agent indicated to detect the prostate specific membrane antigen (PSMA) in the assessment and staging of prostate cancer. The Company also markets Primsol (trimethoprim hydrochloride), a trimethoprim-only oral solution for urinary tract infections. The Company’s pipeline includes MiOXSYS, an in vitro diagnostic device. MiOXSYS system is a point-of-care semen analysis system, used for diagnosis and management of male infertility. The Company holds the United States rights to Natesto (testosterone), a formulation of testosterone delivered through a nasal gel. Natesto is used for the treatment of hypogonadism (low testosterone) in men.
