MICROBOT MEDICAL INC. (NASDAQ:MBOT) 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 March 9, 2017, Microbot Medical Inc. (the Company) adopted a
2017 bonus plan (the Bonus Plan) for each of Harel Gadot, the
Companys Chairman, President and Chief Executive Officer, and
Yehezkel (Hezi) Himelfarb, the Companys Chief Operating Officer
and General Manager. to the terms of Mr. Gadots existing
employment agreement with the Company, Mr. Gadot is entitled to
an annual bonus of up to 40% of his annual base salary. Mr.
Himelfarb is entitled to an annual bonus of up to 25% of his
annual base salary.
The Bonus Plan provides for the payment of Messrs. Gadots and
Himelfarbs respective bonus based on certain milestones of the
Company being satisfied, as follows:
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The Company having closed a financing of at least $3 million in the first quarter of 2017, at which time 20% of the respective bonus would be payable. Such milestone was satisfied in January 2017. |
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The Company having closed a financing of at least $10 million by the end of the third quarter of 2017, at which time 20% of the respective bonus would be payable. |
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The Company having entered into research agreements with Wayne State University (the Wayne Agreement) and The Washington University in St. Louis (the Washington Agreement) by the end of the first quarter of 2017, at which time 20% of the respective bonus would be payable. Such milestone was satisfied in January 2017. |
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The Company having initiated studies to both the Wayne Agreement and the Washington Agreement, by the end of April 2017, at which time 15% of the respective bonus would be payable. |
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The Company having completed the initial study from at least one of the Wayne Agreement and the Washington Agreement, by the end of 2017, at which time 15% of the respective bonus would be payable. |
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The Company meeting its 2017 budget, as approved by the Board of Directors of the Company by March 31, 2017, at which time 10% of the respective bonus would be payable. |
The Company also adopted a compensation package for the
non-management members of its Board of Directors (the Board), to
which each such Board member would receive for his services
$12,000 per annum, $750 per duly called Board meeting and $250
per unanimous written consent. Furthermore, each member of the
Audit Committee of the Board receives an additional $10,000 per
annum, and other committee members receive an additional $5,000
per annum. All such Board members, provided they do not otherwise
beneficially own (or represent holders who beneficially own) over
2.5% of the Companys outstanding shares of common stock, are also
eligible to receive stock options and other equity incentive
grants.
About MICROBOT MEDICAL INC. (NASDAQ:MBOT)
Microbot Medical Inc., formerly StemCells, Inc., is a medical device company. The Company specializes in the researching, designing, developing and commercializing transformational micro-robotic medical technologies leveraging the artificial and natural lumens within the human body. It is engaged in developing its two product candidates: the Self Cleaning Shunt (SCS) for the treatment of hydrocephalus and normal pressure hydrocephalus (NPH), and TipCAT, a self-propelling, semi-disposable endoscope that the Company is developing for use in colonoscopy procedures. Its ViRob technology is an autonomous crawling micro-robot, which can be controlled remotely or within the body. The Microbot SCS device is a robotic system designed as the ventricular catheter portion of a cerebrospinal fluid (CSF) shunt system. The Company’s TipCAT is an endoscope that provides see and treat capabilities within tubular lumens in the human body, such as the colon, blood vessels and the urinary tract. MICROBOT MEDICAL INC. (NASDAQ:MBOT) Recent Trading Information
MICROBOT MEDICAL INC. (NASDAQ:MBOT) closed its last trading session up +0.08 at 6.16 with 60,238 shares trading hands.