NAVIDEA BIOPHARMACEUTICALS, INC. (NYSEMKT:NAVB) Files An 8-K Other Events

Other Events.

As previously reported, on May 12, 2016, Navidea Biopharmaceuticals, Inc. (the “Company”) received a demand for arbitration through the American Arbitration Association, Columbus, Ohio, from Ricardo J. Gonzalez, the Company’s then Chief Executive Officer, claiming that he was terminated without cause and, alternatively, that he resigned in accordance with Section 4G of his Employment Agreement to a notice received by the Company on May 9, 2016. On May 13, 2016, the Company notified Mr. Gonzalez that his failure to undertake responsibilities assigned to him by the Board of Directors and otherwise work after being ordered to do so on multiple occasions constituted an effective resignation, and the Company accepted that resignation. The Company rejected the resignation of Mr. Gonzalez to Section 4G of his Employment Agreement. Also, the Company notified Mr. Gonzalez that, alternatively, his failure to return to work after the expiration of the cure period provided in his Employment Agreement constituted cause for his termination under his Employment Agreement. In his demand for arbitration, Mr. Gonzalez was seeking severance and other amounts claimed to be owed to him under his Employment Agreement. In response, the Company filed counterclaims against Mr. Gonzalez alleging malfeasance by Mr. Gonzalez in his role as Chief Executive Officer. Mr. Gonzalez had withdrawn his claim for additional severance to Section 4G of his Employment Agreement, and the Company had withdrawn its counterclaims. On May 12, 2017, the Company received a ruling in favor of Mr. Gonzalez finding that he was terminated by the Company without cause on April 7, 2016. Mr. Gonzalez was awarded severance, bonus and benefits in the aggregate amount of $517,978 plus statutory interest from April 7, 2016, attorneys’ fees and other costs. However, the Company previously paid Mr. Gonzalez’ salary through May 12, 2016 as well as his unused vacation. Therefore, on May 16, 2017, the Company paid to Mr. Gonzalez a total of $617,880, which represents the total amount due to him including interest, fees and other costs, less amounts previously paid. The arbitration award is final and binding on the parties.

About NAVIDEA BIOPHARMACEUTICALS, INC. (NYSEMKT:NAVB)
Navidea Biopharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of precision immunodiagnostic agents and immunotherapeutics. The Company is developing multiple precision-targeted products based on the Manocept platform to help identify the sites and pathways of undetected disease. The Manocept platform is predicated on the ability to specifically target the CD206 mannose receptor expressed on activated macrophages. NAV5001 is an iodine-123 (I-123) radiolabeled single-photon emission computed tomography (SPECT) imaging agent being developed as an aid in the diagnosis of Parkinson’s disease (PD) and other movement disorders, with potential use as a diagnostic aid in dementia. NAV4694 is a fluorine-18 (F-18) radiolabeled positron emission tomography (PET) imaging agent being developed as an aid in the diagnosis of patients with signs or symptoms of Alzheimer’s disease (AD) and mild cognitive impairment (MCI). NAVIDEA BIOPHARMACEUTICALS, INC. (NYSEMKT:NAVB) Recent Trading Information
NAVIDEA BIOPHARMACEUTICALS, INC. (NYSEMKT:NAVB) closed its last trading session up +0.010 at 0.460 with shares trading hands.