Intersect ENT, Inc. (NASDAQ:XENT) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)

Compensatory Arrangement for Company’s Senior Vice President and Chief Operating Officer

On May 8, 2017, Intersect ENT, Inc. (the “Company”) and Richard E. Kaufman, the Company’s Senior Vice President and Chief Operating Officer and a “named executive officer” (as defined under applicable securities laws), entered into an arrangement whereby Mr. Kaufman’s responsibilities were expanded to include oversight of regulatory affairs and quality assurance. Mr. Kaufman’s annual corporate bonus potential was increased to 40% of his base salary and the Company established a $100,000 bonus to be earned upon the FDA’s NDA approval of the Company’s RESOLVE implantable stent product, as well as certain other manufacturing related milestones. Additionally, Mr. Kaufman’s separation benefits have been amended to provide that, if the Company terminates Mr. Kaufman’s employment without cause, or Mr. Kaufman resigns his position for good reason (as such term is defined in the applicable agreement) within 12 months of a change of the control of the Company, in exchange for a release in favor of the Company, Mr. Kaufman will be entitled to (i) a severance payment, equal to 12 months of his base salary, and (ii) 12 months of COBRA reimbursement. The other terms of Mr. Kaufman’s offer letter not amended by these terms remain in effect. The foregoing description of the agreements with Mr. Kaufman is qualified in its entirety by reference to the full text of the agreements, which will be filed as exhibits to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.

About Intersect ENT, Inc. (NASDAQ:XENT)

Intersect ENT, Inc. is a commercial stage drug-device company. The Company develops drugs for patients with ear, nose and throat (ENT) conditions. It has developed a drug releasing bio-absorbable implant technology that enables targeted and sustained release of therapeutic agents. Its commercial products are the PROPEL and PROPEL mini drug-releasing implants for patients undergoing sinus surgery to treat chronic sinusitis. It is building a portfolio of products based on its drug releasing bio-absorbable implant technology that are designed to provide localized drug delivery to treat patients across the continuum of care in chronic sinusitis. Its steroid releasing implants are the drug releasing implants for chronic sinusitis sufferers. The PROPEL mini implant is a smaller version of PROPEL and is manufactured from the same bio-absorbable polymer fiber and with the same drug releasing coating and other design characteristics. It also developing NOVA, a steroid releasing implant.

Intersect ENT, Inc. (NASDAQ:XENT) Recent Trading Information

Intersect ENT, Inc. (NASDAQ:XENT) closed its last trading session down -0.10 at 24.35 with 514,760 shares trading hands.