INC (OTCMKTS:INCAF) 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 Principal Officers; |
On December 16, 2016, Dr. Xiaochun (Chris) Xu entered into an
employment agreement (the Employment Agreement) with Cesca
Therapeutics Inc. (the Company), the terms of which were approved
by the Compensation Committee of the Companys Board of Directors
on December 14, 2016. to the Employment Agreement, the terms of
which are retroactive to November 4, 2016, Dr. Xu will serve as
the Companys interim Chief Executive Officer, and he will receive
an annual base salary of $425,000, 50,000 stock options and will
be eligible to earn a bonus of up to 60% of his base salary for
his performance in 2017. The stock options will have a seven year
term, an exercise price of $2.91 per share and will vest in five
equal installments on each of December 16, 2016, February 4,
2017, May 4, 2017, August 4, 2017 and November 4, 2017. Dr. Xus
employment with the Company will be at will, and he will not be
entitled to any severance or other payments upon his termination
of employment except as may be required by applicable law.
The foregoing description of the Employment Agreement is
qualified in its entirety by reference to the actual terms of the
Employment Agreement attached hereto as Exhibit 10.1 and which is
incorporated herein by reference.
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Item 9.01. |
Financial Statements and Exhibits. |
(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibits.
| Exhibit No. | Description |
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10.1 |
Employment Agreement dated December 14, 2016 by and between |
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