IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) 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 May 10, 2017, the Company entered into a Letter Agreement with
Mr. Maza regarding his position as Interim CEO, effective as of
April 24, 2017. to the terms and subject to the conditions of the
Letter Agreement, Mr. Maza will serve as Interim CEO until the
earlier of (i)the date on which a successor CEO is hired and
begins employment with the Company, (ii)the date of his
termination of employment with the Company, and (ii) December 31,
2017. Mr. Maza will continue to serve as a member of the Companys
Board of Directors (the Board), but has resigned from
the Audit and Compensation Committees of the Board.
The Letter Agreement provides that Mr. Maza will receive a base
salary of $25,000 per month and will be reimbursed for all
reasonable business expenses, including travel costs while
travelling on Company business. In addition, on May 10, 2017, the
Board granted Mr. Maza an option under the Immune Pharmaceuticals
Inc. 2015 Equity Incentive Plan (the Plan) to purchase
30,000 shares of the Companys common stock, exercisable at a
price of $2.68 per share, which was the closing bid price on the
Nasdaq Capital Market on the date of grant. The option grant
vested immediately but the options may only be exercised
following shareholder approval of a resolution to expand the
sublimit of options that may be issued to a director within a
single calendar year. The Letter Agreement also includes standard
indemnification, confidentiality and non-disparagement
provisions.
While Mr. Maza continues to serve on the Board, he will not
receive any non-employee director cash retainers or other cash
compensation under the Companys director compensation program for
his services as a director; however, he will be entitled to
receive the same type of annual equity award for the same number
of shares of the Companys common stock, with the same terms and
at the same time, as such annual equity awards Mr. Maza would
have been entitled to receive had he continued to serve as one of
the Companys non-employee directors.
A copy of the Letter Agreement is attached as Exhibit 10.1 to
this report and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
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Exhibit Number |
Description |
| 10.1 |
Letter Agreement between Elliot Maza and Immune Pharmaceuticals Inc., dated May 10, 2017 |
About IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP)
Immune Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the development and commercialization of targeted therapeutics in the fields of immuno-inflammation and immuno-oncology. The Company’s segment is acquiring, developing and commercializing prescription drug products. Its Immuno-inflammation product pipeline includes bertilimumab, a fully human antibody targeting eotaxin-1, a regulator of immuno-inflammation; a portfolio of immune oncology products, and NanoCyclo, a topical nanocapsule formulation of cyclosporine-A, for the treatment of atopic dermatitis and psoriasis. Its immuno-oncology pipeline includes Ceplene, a small molecule targeting the Histamine-2 Receptor to overcome immunosuppression in Acute Myeloid Leukemia and other malignancies. Azixa and crolibulin are vascular disrupting agents. NanomAbs is a technology platform that allows the targeted delivery of chemotherapeutics into cancer cells. IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) Recent Trading Information
IMMUNE PHARMACEUTICALS INC. (NASDAQ:IMNP) closed its last trading session down -0.02 at 2.61 with 80,017 shares trading hands.