iBio, Inc. (NYSEMKT:IBIO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 1, 2017, iBio, Inc. (the Company) appointed James P.
Mullaney, age 46, to serve as Chief Financial Officer of the
Company, replacing Mark Giannone. Mr. Giannone resigned effective
March 1, 2017 to pursue other career opportunities.
Mr. Mullaney served as Corporate Controller at Citihub Inc., a
global, independent IT advisory firm, from September 2011 to
February 2017. He is a Certified Public Accountant.
There is no arrangement or understanding between Mr. Mullaney and
any other person, to which Mr. Mullaney was selected as an
officer. Mr. Mullaney is not a party to any transactions that
would require disclosure under Item 404(a) of Regulation S-K.
to the terms of an employment offer letter between the Company
and Mr. Mullaney, dated December 30, 2016, Mr. Mullaney will
receive an annual base salary of $200,000. He also will receive a
sign-on bonus of $20,000 within one month after commencement of
employment. If he elects to terminate his employment for any
reason, he is required to repay the Company one sixth of $20,000
for each full month of his total employment less than six months.
He is entitled to participate as a member of senior management in
any plan adjusting senior management compensation that may be
adopted by the Company in the future, based on goals and
objectives agreed, and on a formula approved by, the Companys
Board of Directors. If adjustments to Mr. Mullaneys compensation,
together with his sign-on bonus and base salary, have not
otherwise resulted in receipt by Mr. Mullaney of $240,000 in
total compensation for his first twelve months of employment, the
Company has agreed to pay him an additional bonus to assure that
he will receive total compensation of $240,000 for such period.
In addition, Mr. Mullaney will be awarded an initial option to
purchase 150,000 shares of the Companys common stock. The option
will vest annually over three years. Mr. Mullaney will be
employed on an at-will basis.
The foregoing description of Mr. Mullaneys employment offer
letter is qualified in its entirety by the text of the letter, a
copy of which is attached hereto as Exhibit10.1 and incorporated
herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit No. | Description |
| 10.1 |
Offer Letter, dated December 30, 2016, between iBio, Inc. and James P. Mullaney * |
_________________
*Filed herewith.
About iBio, Inc. (NYSEMKT:IBIO)
iBio, Inc. is a biotechnology company. The Company is focused on commercializing its technologies and product candidates and providing product development and manufacturing services to clients and collaborators. Its technologies include iBioLaunch technology and iBioModulator. The Company’s technologies constitute a transformative platform for development and production of biologics in hydroponically grown green plants. The Company is focused on the commercialization of its plant-based protein expression technologies for vaccines and therapeutic proteins and on developing and commercializing select biopharmaceutical product candidates. The Company’s technology is applicable in a range of product candidates, including products against fibrotic diseases, vaccines, enzyme replacements, monoclonal antibodies, and recombinant versions of marketed products that are derived from human blood plasma. iBio, Inc. (NYSEMKT:IBIO) Recent Trading Information
iBio, Inc. (NYSEMKT:IBIO) closed its last trading session up +0.013 at 0.420 with 100,975 shares trading hands.