Cerecor Inc. (NASDAQ:CERC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
(c) and (e) Employment Agreement with Robert C. Moscato, Jr.
On November 17, 2017, the Company entered into an employment agreement with Robert C. Moscato, Jr., who was appointed President and Chief Operating Officer of the Company as of the Effective Date, and as such serves as the Company’s principal executive officer.
Mr. Moscato’s base salary under the employment agreement is initially $300,000 per year, subject to review and adjustment by the Board from time to time. Mr. Moscato is eligible for an annual discretionary cash bonus of up to 50% of his base salary, subject to his achievement of any applicable performance targets and goals established by the Board.
Mr. Moscato is eligible to participate in the Company’s other employee benefit plans as in effect from time to time on the same basis as are generally made available to other senior executives of the Company.
The foregoing description of the employment agreement is a summary, is not complete and is qualified in its entirety by reference to the employment agreement, which will be filed as an exhibit to the Company’s Annual Report on Form10-K for the year ending December31, 2017.
About Cerecor Inc. (NASDAQ:CERC)
Cerecor, Inc. is a clinical stage biopharmaceutical company. The Company is engaged in developing drug candidates for patients with neurological and psychiatric disorders. The Company has a portfolio of clinical and preclinical compounds that it is developing for a range of indications, including CERC-301, which is an adjunctive treatment for major depressive disorder (MDD); CERC-501, which is for substance use disorders and adjunctive treatment of MDD, and CERC-406, which is for the treatment of cognitive impairment. The Company owns the rights to its COMTi platform. Catechol O methyltransferase (COMT) is an enzyme critical for the inactivation and metabolism of dopamine and its inhibition in the brain has applicability in treating subjects with neuropsychiatric conditions, including MDD, schizophrenia, Parkinson’s disease and pathological gambling. Its COMTi platform comprises COMT inhibitors with selectivity for membrane bound COMT, which is the dominant form of COMT.