CTI BIOPHARMA CORP. (NASDAQ:CTIC) 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.
Effective August 22, 2017, Matthew Plunkett resigned as Executive Vice President, Chief Business Officer of CTI BioPharma Corp. (the “Company”).
In connection with his resignation, the Company entered into a Separation and Release Agreement with Dr. Plunkett dated August 22, 2017 (the “Separation Agreement”). The following summary of the Separation Agreement is qualified in its entirety by the provisions of the Separation Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference. The Separation Agreement provides for Dr. Plunkett to receive a cash severance payment of $265,000, to be paid in a lump sum in January 2018, and payment of his COBRA premiums for up to six months following his resignation. Dr. Plunkett also entered into an agreement with the Company to provide consulting services for 12 months following his separation for a consulting fee of $3,000 per month (plus $300 per hour for services in excess of ten hours for a particular month). to the Separation Agreement, Dr. Plunkett’s stock option granted by the Company on March 1, 2017 became fully vested and exercisable upon his resignation date, and each of his outstanding and vested stock options granted by the Company will generally remain exercisable until the earlier of the date that is 18 months following his resignation date or the expiration date of the option, subject to earlier termination in connection with a change in control of the Company. His remaining outstanding and unvested equity awards granted by the Company terminated on his resignation date. The Separation Agreement also includes a general release of claims by Dr. Plunkett in favor of the Company.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
Description |
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10.1 |
Separation and Release Agreement, dated August 22, 2017, by and between the Company and Matthew Plunkett. |
CTI BIOPHARMA CORP ExhibitEX-10.1 2 exhibitplunkettseparationa.htm EXHIBIT 10.1 Exhibit SEPARATION AND RELEASE AGREEMENTThis Separation and Release Agreement (this “Agreement”) is entered by and between Matthew Plunkett (“Executive”) and CTI BioPharma Corp.,…To view the full exhibit click here
About CTI BIOPHARMA CORP. (NASDAQ:CTIC)
CTI BioPharma Corp. (CTI) is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies covering a spectrum of blood-related cancers to patients and healthcare providers. The Company is primarily focused on commercializing PIXUVRI in select countries in the European Union, for multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (NHL). It is also engaged in evaluating pacritinib for the treatment of adult patients with myelofibrosis. Its earlier stage product candidate, tosedostat, is an oral, once-daily aminopeptidase inhibitor that has demonstrated responses in patients with acute myeloid leukemia (AML). It also evaluates its pipeline candidate paclitaxel poliglumex (Opaxio), which targets solid tumors. It is evaluating Opaxio through cooperative group sponsored trials and investigator-sponsored trials (ISTs), such as the ongoing maintenance therapy trial in patients with ovarian cancer.
