BioDelivery Sciences International, Inc. (NASDAQ:BDSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 4, 2020, BioDelivery Sciences International, Inc. (the "Company"), entered into an amendment to the offer letter of Mary Theresa Coelho, the Company’s Chief Financial Officer and Treasurer (the “Coelho Amendment”), in order to, among other things, modify severance benefits that Ms. Coelho may be entitled to receive upon a termination of employment, as summarized below.
In the event Ms. Coelho’s employment is terminated by the Company without Cause, by Ms. Coelho for Good Reason or as a result of Ms. Coelho’s death or permanent disability, subject in each case to her signing and complying with a release agreement and the release agreement becoming effective, Ms. Coelho will be entitled to receive a lump sum cash payment equal to 50% of Ms. Coelho’s annual base salary then in effect plus her pro-rated target annual performance bonus for the then-current year. In the event Ms. Coelho’s employment is terminated by the Company without Cause or by Ms. Coelho for Good Reason within 12 months after a Change of Control, subject to her signing and complying with a release agreement and the release agreement becoming effective, Ms. Coelho will be entitled to (i) receive a lump sum cash payment equal to either (a) 150% of Ms. Coelho’s annual base salary then in effect if the termination is without Cause or (b) 50% of Ms. Coelho’s annual base salary then in effect if the termination is by Ms. Coelho for Good Reason, plus 50% of her target annual performance bonus for the then-current year and any bonus for the prior year which was earned but not yet paid, (ii) maintain any rights granted to any retirement, profit sharing and savings, healthcare, 401(k) and any other benefit plans sponsored by the Company and (iii) full acceleration of vesting of any of her unvested equity awards.
The terms “Cause,” “Good Reason” and “Change of Control” are each defined in Ms. Coelho’s offer letter, as amended. Except as modified by the Coelho Amendment, the other terms of Ms. Coelho’s offer letter remain in full force and effect.
The foregoing description of the Coelho Amendment is only a summary and is qualified in its entirety by reference to the full text of the Coelho Amendment, which will be filed as an exhibit to the Company’s next Annual Report on Form 10-K.
About BioDelivery Sciences International, Inc. (NASDAQ:BDSI)
BioDelivery Sciences International, Inc. is a specialty pharmaceutical company. The Company develops and commercializes, either on its own or in partnerships with third parties, applications of approved therapeutics to address unmet medical needs using drug delivery technologies. The Company develops pharmaceutical products aimed principally in the areas of pain management and addiction. The Company’s products utilize the BioErodible MucoAdhesive (BEMA) drug delivery technology, a small, erodible polymer film for application to the buccal mucosa (the lining inside the cheek). The Company’s United Sates Food and Drug Administration (FDA) approved product, ONSOLIS (fentanyl buccal soluble film), as well as its approved products BUNAVAIL (buprenorphine and naloxone buccal film) buccal film and BELBUCA (buprenorphine) buccal film, utilize BEMA technology.
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