INNOVUS PHARMACEUTICALS, INC. (OTCMKTS:INNV) 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On April 5, 2018, the Compensation Committee of the Board of Directors of the Company approved (i)annual increases in the base salaries of those officers identified below and (ii)the payment of annual cash bonus awards for fiscal 2017 for the same officers and a 2017/2016 bonus for one officer. Salary increases were effective as of January 1, 2018, which was the start of the current fiscal year. Bonuses were awarded based on overall Company performance in fiscal 2017 and for the one officer on the overall Company performance in 2017 and 2016.
|
Name |
Title |
||
|
Dr. Bassam Damaj |
President and Chief Executive Officer |
$644,000 |
$575,000* |
|
Randy Berholtz |
Executive Vice President, Corporate Development and General Counsel |
$300,000 |
$87,158 |
|
Rauly Gutierrez |
Vice President, Finance |
$214,286 |
$45,625 |
*Dr. Damaj’s bonus payment was a combined bonus for the years 2016 and 2017.
In addition, the Compensation Committee increased Mr. Berholtz’s bonus potential for 2018 to 40% of his 2018 base salary, increased his severance in the case of change of control of the Company to nine (9) months and issued him 1,000,000 Restricted Stock Units with certain vesting requirements.
On April 2, 2018, the Company accepted the resignation of Rauly Gutierrez as VP, Finance of the Company to be effective as of April 5, 2018. Mr. Gutierrez, who has served as the VP, Finance of the Company since September 2016 and the Principal Financial and Accounting Officer since April 24, 2017, will continue to be engaged with the Company as a consultant until a replacement is found. Mr. Gutierrez’s departure is not due to a dispute or disagreement with the Company as Mr. Gutierrez is pursuing another career opportunity closer to his home in Orange County, CA.
On April 5, 2018, Dr. Bassam Damaj, Chief Executive Officer, assumed the role of principal financial and accounting officer of the Company and is expected to stay in that role until such time that a suitable candidate is found.
About INNOVUS PHARMACEUTICALS, INC. (OTCMKTS:INNV)
Innovus Pharmaceuticals, Inc. is a pharmaceutical company engaged in the commercialization, licensing, and development of non-prescription medicine and consumer care products to improve men’s and women’s health and vitality and respiratory diseases. The Company markets approximately five products in the United States and six in a range of countries around the world through its commercial partners. It has commercial agreements in over 60 countries around the world through its commercial partners. Its marketed products include Zestra, EjectDelay, Sensum+, Zestra Glide, Vesele and Androferti. In addition, the Company has a pipeline of over three additional products, including FlutiCare Over-The-Counter (OTC) for Allergic Rhinitis; Urocis XR, an extended release of Vaccinium Marcocarpon (cranberry), and AndroVit, a supplement to support overall prostate and male sexual health, which is marketed in Europe.
