Nemus Bioscience, Inc. (OTCMKTS:NMUS) 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.
Separation of Chief Financial Officer
On April 30, 2018, Nemus Bioscience, Inc. (the “Company”) entered into a separation agreement and release (the “Separation Agreement”) with Elizabeth Berecz, the Company’s current Chief Financial Officer. Ms. Berecz’s separation will be effective May 25, 2018 (the “Separation Date”), and she will remain the Company’s principal financial officer until the Separation Date.
to the Separation Agreement, Ms. Berecz has agreed to certain ongoing cooperation obligations and to provide certain releases and waivers as contained in the Separation Agreement. As consideration under the Separation Agreement, the Company has agreed to provide Ms. Berecz compensation and benefits as follows: (i) through the Separation Date, an annualized base salary at the rate in effect for her as of the date of the Separation Agreement; (ii) a lump sum gross payment of $145,833, in consideration for the restrictive covenants contained in the Separation Agreement; and (iii) reimbursement for payments made by Ms. Berecz for COBRA coverage for a period of six (6) months following the Separation Date.
The foregoing summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by the full text of the Separation Agreement, a copy of which is filed hereto as Exhibit 10.1, and which is incorporated herein by reference.
Appointment of New Chief Financial Officer
On April 5th 2018, the Company agreed to an offer letter with Doug Cesario (the "Offer Letter"), to whichMr. Cesariojoined the Company on April 23, 2018 (the "Start Date") and will be appointed as Chief Financial Officer of the Company effective May 26, 2018. Mr. Cesario, 43, has served as Chief Financial Officer, Orange County Service Area, of Kaiser Foundation Hospitals & Health Plan since April 2016, and prior to that as Director of Finance and as a Senior Management Consultant from November 2013. From 2007 to 2012, Mr. Cesario was the founder of a real estate investment and advisory company. Mr. Cesario previously served in private equity, investment banking and commercial real estateroles from 1997 through 2006. Based on his cumulative and diverse financial background, we believe Mr. Cesario has the requisite knowledge and expertise to be the Chief Financial Officer of the Company.
to the Offer Letter, Mr. Cesario will receive an annual base salary of $250,000. Within ninety (90) days of the Start Date, Mr. Cesario will receive an equity grant equal to 1% of the fully diluted shares of common stock of the Company, with (i) 65% of the grant being options to purchase the Company’s common stock (the “Options”), with a strike price equal to the closing day share price determined on the day the Company issues the options, and (ii) 35% of the grant being time-based restricted stock units (the “RSUs”). Each of the Options and the RSUs will vest at a rate of 25% on the date of grant and 1/33rd of the remaining balance vesting monthly thereafter. Mr. Cesario will be eligible to receive a discretionary bonus of 20% to 40% of base salary as determined by the Board of Directors, and will be eligible to receive six (6) months’ severance if he is terminated from his position without cause.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
Nemus Bioscience, Inc. ExhibitEX-10.1 2 nmus_ex101.htm SEPARATION AND RELEASE AGREEMENT nmus_ex101.htmEXHIBIT 10.1 SEPARATION AGREEMENT AND RELEASE This Separation Agreement and Release (“Agreement”) is made by and between Elizabeth Berecz (“Employee”) and Nemus Bioscience,…To view the full exhibit click here
About Nemus Bioscience, Inc. (OTCMKTS:NMUS)
Nemus Bioscience, Inc. is a biopharmaceutical company. The Company is focused on the discovery, development and the commercialization of cannabinoid-based therapeutics through its partnership with the University of Mississippi (UM). It is UM’s partner for the development and commercialization of drugs derived from cannabis extracts, or cannabinoids. It is focused primarily on the development of early-stage cannabinoid product candidates, including NB1111, NB1222, NB3111 and NB2111. NB1111, a prodrug of Tetrahydrocannabinol (THC), is in the preclinical stage for the indication of glaucoma. NB1222 is a prodrug formulation of THC and is intended for systemic administration in the management of chemotherapy-induced nausea and vomiting (CINV). The NB2111 formulation technology is designed to permit better transmembrane translocation of cannabinoids. The NB3111 product candidate is in research stage for the indication of Methicillin-resistant Staphylococcus aureus (MRSA).
