BIOAMBER INC. (NYSE:BIOA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement
BioAmber Inc. (the Company) entered into a Mutual Separation and
Consulting Agreement with Jean-Franois Huc (the Agreement)
effective February 17, 2017 (the Termination Date). Entry into
the Agreement was made in connection with Mr. Hucs departure from
his roles of Chief Executive Officer and President of the
Company, as more particularly described in Item 5.02 to this
Current Report on Form 8-K (this Report).
to the Agreement, as consideration for a general release of
claims against the Company and related parties, Mr. Huc will
receive the following:
a retiring allowance amounting to CAD$658,600, less
a bonus payment for the year 2017 corresponding to 70% of
immediate vesting of stock options, including restricted
In addition, Mr. Huc has agreed to provide consulting services to
the Company for a period of six months following the Termination
Date (the Consulting Term) in order to provide an orderly
transition of his duties. Mr. Huc will be paid a monthly
consulting fee of US$20,000, plus applicable taxes. During the
Consulting Term, Mr. Huc will continue to participate in the
Companys group insurance plan. A non-competition and
non-solicitation period will be in effect for a period of
eighteen months after the Termination Date, inclusive of any
The foregoing description of the Agreement is qualified in its
entirety by the full text of the Agreement filed herewith as
Exhibit 10.1 and incorporated herein by reference.
Item 5.02Departure of Directors or Certain Officers; Compensatory
Arrangements of Certain Officers.
On February 17, 2017, the Board of Directors of the Company and
Jean-Franois Huc mutually agreed that Mr. Huc would cease serving
in his roles as Chief Executive Officer and President of the
Company, as of the Termination Date. Mr. Huc has not expressed
any disagreement with the Company on any matter relating to the
Companys operations, policies or practices. Mr. Huc will provide
consulting services to the Company for the period of the
Consulting Term. In addition, Mr. Huc will remain on the Companys
Board of Directors.
In connection with Mr. Hucs separation, the Company and Mr. Huc
entered into the Agreement, as more particularly described in
Item 1.01 of this Report, a copy of which is attached to this
Report as Exhibit 10.1.
Effective immediately, Fabrice Orecchioni, the Companys Chief
Operating Officer, has been named President and Chief Operating
A copy of the press release by the Company announcing the
above-described executive changes is furnished with this Report
as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits
Mutual Separation and Consulting by and between the
Press release of BioAmber Inc. issued February 20, 2017.
About BIOAMBER INC. (NYSE:BIOA)
BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company’s technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products. BIOAMBER INC. (NYSE:BIOA) Recent Trading Information
BIOAMBER INC. (NYSE:BIOA) closed its last trading session 00.00 at 3.66 with 164,905 shares trading hands.