MYOS RENS TECHNOLOGY INC. (NASDAQ:MYOS) 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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 24, 2017, the board of directors (the “Board”) of MYOS RENS Technology, Inc., a Nevada Corporation (the “Company”) elected Joseph Mannello as the Chief Executive Officer of the Company, effective immediately. Since September 2016, Mr. Mannello served as interim Chief Executive Officer of the Company.
In connection with the election, the Company entered into an employment agreement (the “Agreement”) with Mr. Mannello, effective August 24, 2017. to the terms of the Agreement, Mr. Mannello will work for the Company on a full-time basis and will receive a weekly base salary of $455.He may receive an annual bonus in cash or equity of the Company, as may be determined by the Board in its sole discretion. Mr. Mannello will be granted a stock option to purchase 300,000 shares of the Company’s common stock at an exercise price of $4.00 per share, which option will vest in eight equal annual installments on the last day of each fiscal quarter starting with September 30, 2017. The initial term of the Agreement is two years, and the Agreement will automatically renew for successive one-year periods, unless a notice of non-renewal is provided by either party at least sixty days prior to the expiration date of the term.
In the event Mr. Mannello’s employment is terminated by the Company for cause (as defined in the Agreement) or as a result of death or disability, or if Mr. Mannello terminates his employment without good reason (as defined in the Agreement), Mr. Mannello will be entitled to receive any accrued and unpaid base salary, any unreimbursed reasonable business expenses and employee benefits up to the date of termination as well as retain any portion of the stock option that has previously vested.
In the event Mr. Mannello’s employment is terminated by the Company for any reason other than cause, death or disability, or if Mr. Mannello terminates his employment for good reason, he will be entitled to receive any accrued and unpaid base salary and employee benefits up to the date of termination as well as the vested portion of the stock option. In addition, he will be entitled to receive accrued and unpaid base salary up to the date of the termination, full reimbursement of all business expenses prior to termination, all applicable COBRA-related health insurance continuation rights to the extent provided for under applicable law or based on the Company’s practice and an amount equal to 50% of the COBRA premiums for him and his family for twelve months following the date of termination.
In the event Mr. Mannello’s employment is terminated by the Company without cause and in connection with, or as a result of, a change of control (as defined in the Agreement), or if Mr. Mannello terminates his employment for good reason following a change in control, he will also be entitled to retain the stock option and the unvested portion of the stock option will vest as of the date of the consummation of the change in control.
The Agreement contains customary non-competition and non-solicitation provisions that extend to two years after termination of Mr. Mannello’s employment with the Company.Mr. Mannello also agreed to customary terms regarding confidentiality and ownership of product ideas.
There are no family relationships between Mr.Mannello and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr.Mannello that are reportable to Item404(a) of Regulation S-K.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, which is attached hereto as Exhibit 10.1.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
MYOS RENS TECHNOLOGY INC. ExhibitEX-10.1 2 f8k082417ex10-1_myosrenstech.htm EMPLOYMENT AGREEMENT,…To view the full exhibit click here
About MYOS RENS TECHNOLOGY INC. (NASDAQ:MYOS)
MYOS RENS Technology Inc. (MYOS), formerly MYOS Corporation, is an early-stage bionutrition and biotherapeutics company. The Company is focused on the discovery, development and commercialization of products that improve muscle health and function essential for the management of sarcopenia, cachexia and degenerative muscle diseases, and as an adjunct to the treatment of obesity. The Company is focused on the discovery, development, and commercialization of nutritional supplements, functional foods, therapeutic products, and other technologies for maintaining the health and performance of muscle tissue. MYOS is evaluating the modulation of myostatin. Its research is focused on developing strategies and therapeutic interventions to address muscle related conditions, including sarcopenia, cachexia, and inherited and acquired muscle diseases. The Company, through its subsidiary, holds the intellectual property pertaining to Fortetropin, which is a dietary supplement.
