CV SCIENCES, INC. (OTCMKTS:CVSI) Files An 8-K Other Events
Item 8.01 Other Events.
On March 31, 2019, CV Sciences, Inc. (the “Company”) and Michael Mona, Jr. (“Mona”), the former President and Chief Executive Officer of CV Sciences, Inc. (the “Company”), entered into a Settlement Agreement (the “Settlement Agreement”), to which the Company agreed that Mona’s resignation from the Company on January 22, 2019 was for Good Reason (as defined in Mona’s Employment Agreement) and agreed to extend the deadline for Mona’s exercise of his stock options for a period of five (5) years. In exchange, Mona agreed that notwithstanding the terms of his Employment Agreement providing for acceleration of vesting of all stock options and Restricted Stock Units upon a Good Reason resignation, certain of his unvested stock options would not immediately vest, but rather continue to vest if, and only if, certain Company milestones are achieved related to the Company’s drug development efforts. These stock options were issued in July 2016 (6,000,000 options) and March 2017 (5,000,000 options). The Company and Mona also agreed to mutually release all claims arising out of and related to Mona’s resignation and separation from the Company.
About CV SCIENCES, INC. (OTCMKTS:CVSI)
CV Sciences, Inc. is a life science company. The Company operates in two segments: specialty pharmaceuticals and consumer products. The Company’s specialty pharma business segment is focused on developing and commercializing therapeutics utilizing synthetic Cannabidiol (CBD) across several therapeutic areas. The consumer product business segment is focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors.
