BIOAMBER INC. (NYSE:BIOA) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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BIOAMBER INC. (NYSE:BIOA) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

On March 31, 2017, BioAmber Inc. (the Company) entered into a
Mutual Separation Agreement with Mario Saucier (the Separation
Agreement) effective March 28, 2017 (the Separation Date). Entry
into the Separation Agreement was made in connection with Mr.
Sauciers departure from his role of Chief Financial Officer of
the Company, as more particularly described in Item 5.02 to this
Current Report on Form 8-K (this Report).

to the Separation Agreement, as consideration for a general
release of claims against the Company and related parties
identified in the Separation Agreement, Mr. Saucier is entitled
to receive the following:

(a)

a severance payment, payable immediately, amounting to
CAD$313,333, less applicable deductions required by law
under retiring allowance provisions;

(b)

continuation of health insurance coverage for a period of
10 months following the Separation Date; and

(c)

subject to the approval of the Companys compensation
committee, extension of the period of time during which
Mr. Saucier may exercise vested options to purchase
shares of common stock of the Company, from six months to
two years following the Separation Date.

The foregoing description of the Separation Agreement is
qualified in its entirety by the full text of the Separation
Agreement filed herewith as Exhibit 10.1 and incorporated herein
by reference.

In addition, on March 29, 2017, our Board of Directors approved
the terms of Mr. Lands compensation in connection with Mr. Lands
appointment as our Interim Chief Financial Officer, as more
particularly described in Item 5.02 to this Report. to such
terms, Mr. Land will be entitled to receive a monthly consulting
fee of $21,250.

Item 5.02 Departure of Directors or Certain Officers; Appointment
of Certain Officers; Compensatory Arrangements of Certain
Officers.

On March 28, 2017, the Board of Directors of the Company and
Mario Saucier mutually agreed that Mr. Saucier would cease
serving in his role as Chief Financial Officer of the Company, as
of the Separation Date. Mr. Saucier has not expressed any
disagreement with the Company on any matter relating to the
Companys operations, policies or practices.

In connection with Mr. Sauciers separation, on March 31, 2017,
the Company and Mr. Saucier entered into the Separation
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.

In addition, on March 28, 2017, Mr. Raymond J. Land, a member of
our Board of Directors, has been appointed as our Interim Chief
Financial Officer, who will serve as our principal financial
officer and our principal accounting officer.Mr. Land has served
on our Board of Directors since 2011 and has been the Chairman of
our board of directors since February 2012. Mr. Land retired
after most recently serving as the Senior Vice President and
Chief Financial Officer of Clarient, Inc., a cancer diagnostics
company, where he worked from 2008 until his retirement.

In connection with Mr. Lands appointment, on March 29, 2017, our
Board of Directors approved the terms of Mr. Lands compensation
as our Interim Chief Financial Officer, as more particularly
described in Item 1.01 of this Report.

In connection with Mr. Lands appointment as our Interim Chief
Financial Officer, Mr. Land resigned from all committees of our
Board of Directors, and the certain other members of our Board of
Directors were appointed to those committees.Mr. George F. J.
Gosbee was appointed to serve on our audit committee, and Ms.
Ellen B. Richstone was appointed as the chair of our audit
committee.Following such appointments, our audit committee
consists of Ellen B. Richstone (Chair), George F. J. Gosbee,
Heinz Haller and Kenneth W. Wall.In addition, Mr. Wall was
appointed to serve on our compensation committee.Following such
appointment, our compensation committee consists of George F. J.
Gosbee (Chair), Ellen B. Richstone and Kenneth W. Wall.

A copy of the press release by the Company announcing the
above-described changes is furnished with this Report as Exhibit
99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1

Mutual Separation Agreement by and between the Company
and Mario Saucier, dated as of March 31, 2017.

99.1

Press release of BioAmber Inc. issued March 31, 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 up +0.02 at 2.32 with 119,608 shares trading hands.