IRADIMED CORPORATION (NASDAQ:IRMD) 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.
As previously reported in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 29, 2020, on May 28, 2020, Leslie McDonnell, the President and Chief Executive Officer of Iradimed Corporation (the “Company”), separated from the Company effective immediately.
In connection with Ms. McDonnell’s separation, on June 16, 2020, the Company and Ms. McDonnell signed that certain Confidential Separation Agreement and General Release (the “Separation Agreement”), to which Ms. McDonnell will be entitled to certain severance benefits consistent with the terms of that certain Employment Agreement, dated July 24, 2019, by and between the Company and Ms. McDonnell, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on July 29, 2019. Such severance benefits include: (i) a gross sum of $400,000 (minus applicable withholdings), which is equal to twelve (12) months of Ms. McDonnell’s base salary, which may be paid out in a lump sum payment subject to the revocation provisions set forth in the Separation Agreement; (ii) a taxable lump sum payment in the amount equal to twelve (12) months of the employer portion of the insurance premiums in order to continue Ms. McDonnell’s health benefits under COBRA, increased to include an amount equal to the estimated federal and applicable state income taxes that Ms. McDonnell would incur on account of the payment; and (iii) all unvested restricted stock unit awards and unvested and unexercised shares under Ms. McDonnell’s options to purchase shares of the Company’s common stock shall be accelerated and deemed vested as of May 28, 2020. In connection with the Separation Agreement, Ms. McDonnell also resigned from her position as a director, effective May 28, 2020. The Separation Agreement contains a release and certain restrictive covenants which are binding upon Ms. McDonnell and the Company. Ms. McDonnell’s severance benefits are conditioned upon her execution and non-revocation of the Separation Agreement.
The foregoing description of the Separation Agreement is not complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
IRADIMED CORP Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE This CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is entered as of this May 28,…
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About IRADIMED CORPORATION (NASDAQ:IRMD)
IRADIMED CORPORATION (IRADIMED) develops, manufactures, markets and distributes Magnetic Resonance Imaging (MRI) compatible products, and provides non-magnetic intravenous (IV) infusion pump systems. The Company operates through development, manufacture and sale of MRI compatible products and IV infusion pump systems for use by hospitals and acute care facilities during MRI procedures segment. Its MRidium MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, non-ferrous part and other features in order to deliver anesthesia and other IV fluids during various MRI procedures. MRI compatible IV infusion pump system includes the 3860+ MRI compatible IV infusion pump, single-use IV tubing sets, a non-magnetic pole and a lithium battery. In addition, it offers optional upgrade systems, including the 3865 Remote Display/Control, 3861 Side Car, Dose Error Reduction System (DERS) and SpO2 monitor.
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